Journal of Financial Economics (JFE)

• [2026/07] 把风险揣进兜里：企业为什么主动持有有风险的金融资产？Bonding with Risk: Corporate Investment and Savings in Risky Financial AssetsMay 2026
• [2026/07] 外推者与逆向者：一把在实验室里量出来的尺子，丈量真实世界的买卖Extrapolators and Contrarians: Forecast Bias and Individual Investor Stock TradingMay 2026
• [2026/07] 一门高中理财课，能让金融犯罪少三成？Financial Literacy and Financial Crime: A Regression Discontinuity ApproachMay 2026
• [2026/07] 雷达之下：不必申报的高管，在自家股票上赚了多少？Flying Below the Radar: Insider Trading by Executives Below the TopMay 2026
• [2026/07] 把机器学习的黑箱拆成玻璃箱：公司债收益率能被「看懂」地预测吗？Glass Box Machine Learning and Corporate Bond ReturnsMay 2026
• [2026/07] 罚款本是好工具，为什么这次罚出了一场信贷退潮？Government Litigation Risk and the Decline in Low-income Mortgage LendingMay 2026
• [2026/07] 无风险市场里的风险厌恶：是谁给做市商系上了「风险限额」这根绳Risk-averse Dealers in a Risk-free Market—The Role of Trading Desk Risk LimitsMay 2026
• [2026/07] 良心、价格与监督：可持续投资如何悄悄抬高了治理成本Sustainable Investing and Market GovernanceMay 2026
• [2026/06] 一辆共享单车，如何让1亿人「被看见」？——支付数据怎样重塑了普惠信贷Cashless Payment and Financial InclusionMay 2026
• [2026/06] 偷来的钱，会去买房——疫情救济金欺诈如何悄悄抬高了美国房价Did Pandemic Relief Fraud Inflate House Prices?May 2026
• [2026/06] 强邻、弱邻，和你站的位置：被「折叠」起来的同行效应Dual Peer Effects and Cross-stock PredictabilityMay 2026
• [2026/06] 见面，还重要吗？——把「线下社交」从「地理临近」里剥离出来Face-to-face Social Interactions and Local Informational AdvantageMay 2026
• [2026/06] 把「工艺创新」一刀切开：地基工艺如何长出新产品Foundational Processes and GrowthMay 2026
• [2026/06] 从马嘴里掏答案：直接问 4641 家公司，它们到底有没有在「看价格做决策」Market Feedback: Evidence from the Horse’s MouthMay 2026
• [2026/06] 高得反常的 ETF 卖空：到底是违规，还是流动性的另一副面孔？Operational Shorting and ETF Liquidity ProvisionMay 2026
• [2026/06] 事件研究里的「假阳性」：当一根 t 值不再等于因果Past is Prologue: Inference from the Cross Section of Returns Around an EventMay 2026
• [2026/06] 谁的专利，配得上新标准？——标准化如何在竞争、创新与增长之间走钢丝Patents That Match Your Standards: Firm-level Evidence on Competition, Innovation and GrowthMay 2026
• [2026/05] 天线效应：硅谷为什么离不开波士顿？Innovation Spillovers Across U.S. Tech ClustersMay 2026
• [2026/05] 对着美联储「逆向操作」：外汇干预能挡住美国货币政策的外溢吗？Intervening Against the FedMay 2026
• [2026/05] 流动性的方向感：异象多空组合，其实并不「流动性中性」Liquidity Characteristics of Market Anomalies and Institutional TradingMay 2026
• [2026/05] 半套房子：当「租还是买」不再是单选题Partial Homeownership: A Quantitative AnalysisMay 2026
• [2026/05] 异象收益究竟是谁推动的？——把每一个百分点拆给「投资者」和「动机」Which Investors Drive Anomaly Returns and How?May 2026
• [2026/04] 承诺去交易：为什么「先卖给中间商」反而能治好柠檬市场Committing to Trade: A Theory of IntermediationMay 2026
• [2026/04] 久期错配：当我们把股票和「同样年限」的债券放在一起比Duration-based Stock Valuation: Reassessing Stock Market Performance and VolatilityMay 2026
• [2026/04] 把朋友藏起来的人，赚到了 16% 的超额收益Hidden AlphaMay 2026
• [2026/04] 把爸妈的收入也算进按揭：一纸「共签」，如何同时打开和收紧一扇门Housing Affordability and Parental Income Support: The Role of Mortgage Co-signingMay 2026
• [2026/04] 欠得越久，过得越好？——学生贷款里那场静悄悄的「付款延期」How Do Income-driven Repayment Plans Benefit Student Debt Borrowers?May 2026
• [2026/04] 把「门槛」抬高，是为了在谈判桌上赢回来——重新理解企业为何固守过高的内部收益率Hurdle Rate Buffers and Bargaining Power in Asset AcquisitionMay 2026
• [2026/04] 把信息卖给你的对手：证券借贷里那场无声的博弈Learning by Lending SecuritiesMay 2026
• [2026/04] 没有战绩，照样拿到钱：私募市场里，LP 为什么愿意把钱交给「新人」？Picking Partners: Manager Selection in Private MarketsMay 2026
• [2026/03] 把结构模型「蒸馏」成一张查找表：深度代理与期权定价Deep Surrogates for Finance: With an Application to Option PricingMay 2026
• [2026/03] 你以为买的是「整个市场」，其实买的是一套交易规则Index Rebalancing and Stock Market Composition: Do Indexes Time the Market?May 2026
• [2026/03] 更高效，却没有更干净：一道绿色法规的两个意外Investments That Make Our Homes Greener: The Role of RegulationMay 2026
• [2026/03] 当波动率曲面被「散户」推歪：从券商宕机里读出的需求压力Retail Option Traders and the Implied Volatility SurfaceMay 2026
• [2026/03] 谁拿走了 SPAC 的蛋糕？——一桩“合法”财富转移背后的结构账本The Incentives of SPAC SponsorsMay 2026
• [2026/03] 利率长跌二十年，如何亲手喂大了影子银行The Secular Decline in Interest Rates and the Rise of Shadow BanksMay 2026
• [2026/02] 被「偷走」的增长：当员工带走的知识，反而成了让他卖力的理由Appropriated GrowthMay 2026
• [2026/02] 你以为银行在跟邻居竞争，其实它在全国统一调价Bank Consolidation and Uniform PricingMay 2026
• [2026/02] 三个臭皮匠，反而没那么容易上头？——团队如何驯服信念里的「过度反应」Do Teams Alleviate or Exacerbate Overreaction in Beliefs?May 2026
• [2026/02] 风险的价格与数量：拆开中美国债的「风险-收益之谜」Government Bond Risk and Return in the US and ChinaMay 2026
• [2026/02] 股票，真的是中介「无关」的资产吗？Intermediation Frictions in Equity MarketsMay 2026
• [2026/02] 投资于「错配」：那些看起来在乱花钱的公司，其实在赌一次跳跃Investing in MisallocationMay 2026
• [2026/02] 无风险国债是「制造」出来的：被保护的是谁，被牺牲的又是谁Manufacturing Risk-free Government DebtMay 2026
• [2026/02] 用真金白银投出来的前景理论：从基金资金流里「反推」投资者偏好Prospect Theory in the Field: Revealed Preferences from Mutual Fund FlowsMay 2026
• [2026/02] 城市没有破产法，但有「到期日」：大萧条里的地方公共品Public Goods Under Financial DistressMay 2026
• [2026/02] 存款往哪儿流，比哪家银行倒下更重要Regional Banks, Aggregate EffectsMay 2026
• [2026/02] 把收入风险的「丑陋一面」还给模型：风险厌恶其实没那么高Richer Earnings Dynamics, Consumption and Portfolio Choice over the Life CycleMay 2026
• [2026/02] 钱越来越好借，中间商却越赚越多——「顺序信贷市场」里那条看不见的逆向选择Sequential Credit MarketsMay 2026
• [2026/02] 四天，一条推特，挤垮一家银行：社交媒体如何成为挤兑的「催化剂」Social Media as a Bank Run CatalystMay 2026
• [2026/02] 绿色溢价真的归零了吗？——藏在德国孪生国债里的两种「便利收益」The Benchmark GreeniumMay 2026
• [2026/02] 想清楚一笔意外之财，是要花脑力的——有限规划期限下的消费之谜Windfall Income Shocks with Finite Planning HorizonsMay 2026
• [2026/01] 你卖出时，谁还在场？——把「需求分歧」写进资产定价Demand DisagreementMay 2026
• [2026/01] 同一只股票，两个价格：用「A/H 比价」给货币政策的贴现率通道称重Discount Factors and Monetary Policy: Evidence from Dual-listed StocksMay 2026
• [2026/01] 替自己人放贷，为什么反而亏了钱？——文化偏见的代价，与一个机器人的「祛魅」How Costly Are Cultural Biases? Evidence from FinTechMay 2026
• [2026/01] 嘴上说的预期，藏不住手上的外推：投资里那道「隐性」的暗门Implicit Extrapolation and the Beliefs Channel of Investment DemandMay 2026
• [2026/01] 机构到底信什么？——把「预期」拆成时间与横截面两条轴Institutions’ Return Expectations Across Assets and TimeMay 2026
• [2026/01] 报纸是怎么「数」出股市恐慌的：把波动拆成四十个抽屉Policy News and Stock Market VolatilityMay 2026
• [2026/01] 好心的补贴，为什么没能催出绿色创新？——当风和雨把政策搅成了「噪声」Policy Uncertainty Reduces Green InnovationMay 2026
• [2026/01] 掐住别人的脖子，先勒疼了自己的手——出口管制的账，到底落在谁头上Securing Technological Leadership? the Cost of Export Controls on FirmsMay 2026
• [2026/01] 煤矿衰落里的「金丝雀」：一个产业退场，账单落到了谁的信用分上The Canary in the Coal Decline: Appalachian Household Finance and the Transition from Fossil FuelsMay 2026
• [2025/12] 数据让定价更准，谁的钱包先变薄？——把「信息」翻译成福利的一道算术Data and Welfare in Credit MarketsMay 2026
• [2025/12] 拍卖室里的暗账：当交易商把国债卖给央行，谁赚走了那点「流动性红利」？Dealer Balance Sheets and Bidding Behavior in the Bank of England’s QE Reverse AuctionsMay 2026
• [2025/12] 你的债，说哪国话？——大公司借钱的「货币选择」，藏在它的销售版图里Global Sales, International Currencies, and the Currency Denomination of DebtMay 2026
• [2025/12] 三万五千亿美元的 ESG，到底「倾斜」了多少？Green TiltsMay 2026
• [2025/12] 同样的交易商，不同的客户：核心—边缘网络是被「挑」出来的Heterogeneous Clienteles and Dealer NetworksMay 2026
• [2025/12] 先举手的人：危机里，「主动适应」到底值多少钱？How Valuable is Corporate Adaptation to Crisis? Estimates from Covid-19 Work-from-home AnnouncementsMay 2026
• [2025/12] 把监管写成一段代码：当「复杂」第一次有了可以测量的刻度Measuring Regulatory ComplexityMay 2026
• [2025/12] 被赶走的「坏掮客」去了哪里？——监管缝隙里的打地鼠游戏Regulatory Leakage Among Financial Advisors: Evidence from FINRA Regulation of “bad” BrokersMay 2026
• [2025/12] 机器人去哪儿了？——一场被高估的「第四次工业革命」Robots and Firm InvestmentMay 2026
• [2025/11] 零工经济，是一所创业学校吗？——来自全美报税记录的证据Entrepreneurship and the Gig Economy: Evidence from U.S. Tax ReturnsMay 2026
• [2025/11] 给「绿色」贴个标签，到底值多少钱？——ESG 贷款里那场公开的合谋ESG LendingMay 2026
• [2025/11] 不需要那些「玄学风险」：当价值、动量、规模的超额收益，全被分析师的预期错误吃掉Finance Without Exotic RiskMay 2026
• [2025/11] 买不起的，其实不是房子，而是机会——首付约束如何把黑人家庭锁在「低机会」的地方Financial Constraints and the Racial Housing GapMay 2026
• [2025/11] CEO 真的变「软」了吗？——四千多份高管测评里的一个反转Have CEOs Changed?May 2026
• [2025/11] 通胀来了，股票是「真资产」还是「纸面财富」？——一场把信念拆开给你看的实验Inflation and TradingMay 2026
• [2025/11] 加息到底有没有用？——当「央行可信度」变成股票市场的风险因子Investor Learning About Monetary-policy Transmission and the Stock MarketMay 2026
• [2025/11] 一起涨跌，不等于一起被定价：国际国债里那条「被付了钱」的暗线Pricing and Constructing International Government Bond PortfoliosMay 2026
• [2025/11] 谈判桌上的「耗得起」：企业如何为一场罢工提前备好财务韧性Resilience in Collective BargainingMay 2026
• [2025/11] 买卖双方各执一词：当 193 个异象告诉你「谁是聪明钱」Taking Sides on Return PredictabilityMay 2026
• [2025/10] 现金为什么一定要「还」出去？——四十年后，重读 Jensen 的自由现金流Agency Cost of Free Cash Flow, Capital Allocation, and PayoutsJun 2026
• [2025/10] 巨头越涨，基金越要卖它：藏在动量里的「再分散」需求Diversification Driven Demand for Large StockJun 2026
• [2025/10] 同样欠着债，为什么「学门手艺」比「多上一天班」更扛得住？Household Debt Overhang and Human Capital InvestmentJun 2026
• [2025/10] 把煤矿的钱袋子勒紧：银行「退出政策」到底有没有用？Measurement and Effects of Bank Exit PoliciesJun 2026
• [2025/10] 三块积木：那个被「代理理论」盖住的实证 JensenMichael C. Jensen’s Empirical WorkJun 2026
• [2025/10] 为什么公司不站在中间：极化、使命与利润Polarization, Purpose and ProfitJun 2026
• [2025/10] 良心能改变公司吗？——社会偏好、协调，与那场可能走反的「绿色转型」Social Preferences and Corporate InvestmentJun 2026
• [2025/10] 代理问题没有标准答案：一部「公司治理」的发明史The Invention of Corporate GovernanceJun 2026
• [2025/10] 送别迈克尔·詹森：一个相信市场、却毕生研究市场失灵的人Honoring Michael C. JensenMay 2026
• [2025/10] 信息越多，利率反而越低？——专业化放贷里那道被理论算反的「楔子」Information-based Pricing in Specialized LendingMay 2026
• [2025/10] 债务这副药，为什么不能全吃？——重读 Jensen 和 Meckling 五十年Jensen and Meckling at 50May 2026
• [2025/10] 一块钱的担保，换走了多少自己的风险？——疫情贷款担保里的「信贷替代」Loan Guarantees, Bank Lending and Credit Risk ReallocationMay 2026
• [2025/10] 利率触到地板那天，不确定性开始压低通胀Macroeconomic Drivers and the Pricing of Uncertainty, Inflation, and BondsMay 2026
• [2025/10] 暗黑森林里的「过路费」：抢跑、MEV 与区块链上那场没谈拢的分赃Maximal Extractable Value and Allocative Inefficiencies in Public BlockchainsMay 2026
• [2025/10] 并购不只是换老板：它是技术「搬运工」，也是不平等的「放大器」Mergers and Acquisitions, Technological Change, and InequalityMay 2026
• [2025/10] 良心是有价的：当大学捐赠基金为「责任投资」买单，谁来付账？Responsible Investing: Costs and Benefits for University Endowment FundsMay 2026
• [2025/10] 当真金白银上场，人反而更「上头」了Stakes and Investor BehaviorsMay 2026
• [2025/10] 在确诊之前，信用分已经先开口了The Financial Consequences of Undiagnosed Memory DisordersMay 2026
• [2025/10] 用引用数丈量一生：詹森留给金融学的几堂课The Lessons of Michael C. JensenMay 2026
• [2025/10] 散户的栖息地：他们不是更笨，只是去了别人不愿去的地方The Retail HabitatMay 2026
• [2025/10] 你的货币贵不贵，要看你在贸易网络里坐第几排The Trade Imbalance Network and Currency ReturnsMay 2026
• [2025/10] 为什么「理性投资者」也会拒绝换股？——把需求弹性拆成两半Why Do Portfolio Choice Models Predict Inelastic Demand?May 2026
• [2025/10] 期权里藏着的，不是先知，而是一张借券账单Why Does Options Market Information Predict Stock Returns?May 2026
• [2025/09] 银行招谁来管风险：压力测试买来的，是「真本事」还是「过考试」？Bank Stress Testing, Human Capital Investment and Risk ManagementJun 2026
• [2025/09] 定价核的两副面孔：为什么同样跌 10%，在「平静市」里更让人心痛？Conditional Risk and the Pricing KernelJun 2026
• [2025/09] 谁能进这间「暗房」，决定了你的成交成本Differential Access to Dark Markets and Execution OutcomesJun 2026
• [2025/09] 评级一起动，股价却慢半拍——藏在债券市场里的「经济联系」Economic Links from Bonds and Cross-stock Return PredictabilityJun 2026
• [2025/09] PE 买下医院之后：被裁掉的，是行政人员还是护士？Private Equity in the Hospital IndustryJun 2026
• [2025/09] 金融科技来了，谁活下来了？——一把量出「岗位被冲击程度」的尺子Surviving the Fintech DisruptionJun 2026
• [2025/09] 价格会「教」分析师做预测吗？——给理性定价的一次平反The Impact of Prices on Analyst Cash Flow Expectations: Reconciling Subjective Beliefs Data with Rational Discount Rate VariationJun 2026
• [2025/08] 银行为什么舍得先亏本拉客？——把「关系」算进一国信贷的总账A Quantitative Analysis of Bank Lending RelationshipsJun 2026
• [2025/08] 创业会「传染」吗？——但它只在同类人之间传染Entrepreneurial Spillovers Across CoworkersJun 2026
• [2025/08] 同一只股票，两个柜台：基金经理在哪儿下单，泄露了他的「本事」Liquidity Picking and Fund PerformanceJun 2026
• [2025/08] 一封邮件，如何掀动一国的汇率与套利定价？Pension Fund Flows, Exchange Rates, and Covered Interest Rate ParityJun 2026
• [2025/08] 谁来接住这一大笔债券？——公司债大宗交易里被遗忘的「接盘人」Receiving Investors in the Block Market for Corporate BondsJun 2026
• [2025/08] 生意垮了一半，日子却照过：营收每损失一块钱，老板只省下 1.6 美分Revenue Collapses and the Consumption of Small Business Owners in the COVID-19 PandemicJun 2026
• [2025/08] 期限结构会自己动：当双重差分撞上一条收益率曲线Robust Difference-in-differences Analysis When There is a Term StructureJun 2026
• [2025/07] 房子越「难定价」，越借不到钱——抵押品不确定性与按揭里那道看不见的监管楔子Collateral Value Uncertainty and Mortgage Credit ProvisionJun 2026
• [2025/07] 数据卖一次，就稀释一次：当垄断者的对手，是明天的自己Data Sales and Data DilutionJun 2026
• [2025/07] 高波动来袭，谁在悄悄换仓？——把「资本外逃」拆到每一个投资者、每一只股票Global Volatility and Firm-level Capital FlowsJun 2026
• [2025/07] 资本会自己长出来吗？——一部法律如何把风险资本「吸」向大学城Innovation and CapitalJun 2026
• [2025/07] 隐私不是免费的护身符：当「匿名」变成借款人从贷款人兜里掏走的租金Payments and Privacy in the Digital EconomyJun 2026
• [2025/07] 把名字从名单上划掉：当「透明」成了顶级 VC 拒绝公募资金的理由The Value of Privacy and the Choice of Limited Partners by Venture CapitalistsJun 2026
• [2025/07] 规则还是相机抉择？——给银行资本监管装上一根「承诺」的缰绳Rules Versus Discretion in Capital RegulationJun 2025
• [2025/06] 给基准做体检：LIBOR 退场之后，谁更「干净」？Benchmarking BenchmarksJun 2026
• [2025/06] 央行放再多水，也要看「水」流到了谁的池子里Central Bank Liquidity Reallocation and Bank Lending: Evidence from the Tiering SystemJun 2026
• [2025/06] 监督做得更差，却照样抢走你的客户——金融科技凭什么挤进信贷市场Fintech Entry, Lending Market Competition, and WelfareJun 2026
• [2025/06] 钱追着「人气」跑：投资者需求如何悄悄拧歪了资本配置Investor Demand, Firm Investment, and Capital MisallocationJun 2026
• [2025/06] 坏消息，为什么成了华尔街的好消息？——财政预期如何重写了「靠失业数据炒股」的逻辑Main Street’s Pain, Wall Street’s GainJun 2026
• [2025/06] 谁先按下「数字化」按钮？——一场货币竞争里的先动与后动Strategic Digitization in Currency and Payment CompetitionJun 2026
• [2025/06] 集中，到底是谁的福利？——一张散户订单的旅行账单The Retail Execution Quality LandscapeJun 2026
• [2025/06] 美元为什么强？——把一条汇率曲线拆回它的「供给与需求」Understanding the Strength of the DollarJun 2026
• [2025/05] 做市商的「风险预算」一旦绷紧，价格和成交量就开始各说各话Constrained Liquidity Provision in Currency MarketsJun 2026
• [2025/05] 谁来给账本盖章？——去中心化记账，到底什么时候才划算Distributed Ledgers and the Governance of MoneyJun 2026
• [2025/05] 「波动率之谜」其实是一道预测题：当鞅模型预报失灵Expected Idiosyncratic VolatilityJun 2026
• [2025/05] 把「排序」种成一棵树：P-Tree 如何长出有效前沿Growing the Efficient Frontier on Panel TreesJun 2026
• [2025/05] 中间商管不住自己的手——为什么「短债」反而治好了银行的食言Intermediary Financing Without CommitmentJun 2026
• [2025/04] 把你的消费记录卖给银行：一个数字支付垄断者的「上游」生意Bank Competition and Household Privacy in a Digital Payment MonopolyJun 2026
• [2025/04] 同样的现金流，两个价格：当央行亲手掰断了套利这根杠杆Central Bank–Driven MispricingJun 2026
• [2025/04] 他们年轻时见过银行成片倒下——后来，这成了银行的护城河Do Bank CEOs Learn from Banking Crises?Jun 2026
• [2025/04] 同样穷，为什么有人攒下了养老金？——一张全美报税记录里的「普惠金融」地图Financial Inclusion Across the United StatesJun 2026
• [2025/04] 让大模型读遍全球年报：一张「谁与谁相关」的世界商业网Global Business NetworksJun 2026
• [2025/04] 泡沫破灭之前，央行该不该出手？——把「情绪」写进金融危机的最优政策Optimal Policy for Behavioral Financial CrisesJun 2026
• [2025/04] 无风险的钱，为什么没人捡？——把「套利者」从原子变成博弈玩家Strategic Arbitrage in Segmented MarketsJun 2026
• [2025/04] 一道只为银行开的税收「缺口」，如何在衰退里造出七万个岗位The Impact of Bank Financing on Municipalities’ Bond Issuance and the Real EconomyJun 2026
• [2025/04] 一万七千亿美元的「自由现金」，被花到哪里去了？The Real and Financial Effects of Internal Liquidity: Evidence from the Tax Cuts and Jobs ActMay 2026
• [2025/03] 同一份分歧，两副面孔：当债与股都是现金流上的期权Asymmetric Information, Disagreement, and the Valuation of Debt and EquityJun 2026
• [2025/03] 最优的「锁」：一笔退休金，应该有多难取出来？Optimal IlliquidityJun 2026
• [2025/03] 波动率之谜，藏在 beta 异象的「时机」里The Volatility Puzzle of the Beta AnomalyJun 2026
• [2025/03] 发行在前，新闻在后：国债收益率为什么会「抢跑」？Yield Drifts When Issuance Comes Before Macro NewsJun 2026
• [2025/02] 保护，而不是砍伐：当「不动一棵树」也能赚钱Biodiversity FinanceJun 2026
• [2025/02] 想知道投资者信什么？去问价格，别问问卷Extracting Extrapolative Beliefs from Market Prices: An Augmented Present-value ApproachJun 2026
• [2025/02] 投资者并不相信 ESG 能赚钱，却仍有人重仓——四个事实背后的一道算术Four Facts About ESG Beliefs and Investor PortfoliosJun 2026
• [2025/02] 被自己 3% 的房贷「锁」在原地：当利率掉头向上，美国人为什么不搬家了Household Mobility and Mortgage Rate LockJun 2026
• [2025/02] 把「健忘的人」推出门：一场关于默认选项的监管实验Regulating Inattention in Fee-based Financial AdviceJun 2026
• [2025/02] 十八世纪的「内幕交易」：当你不知道自己正在和董事做对手盘Strategic Insider Trading and Its Consequences for Outsiders: Evidence from the Eighteenth CenturyJun 2026
• [2025/02] 卖掉一只「脏」股票，真能改变世界吗？——给「撤资」算一笔成本的账The Impact of Impact InvestingJun 2026
• [2025/02] 把「信用敏感」弄丢之后，借钱反而更便宜了——重读 SOFR 折价The SOFR DiscountJun 2026
• [2025/01] 把未来的概率从期权价格里「读」出来：一个被忽略的无套利约束Arbitrage-based RecoveryJun 2026
• [2025/01] 赌博的四季：当一个「够不着的目标」，同时教你买彩票和买保险Aspirational Utility and Investment BehaviorJun 2026
• [2025/01] 炒掉 CEO，董事是英雄还是「帮凶」？——股东用反对票投出了答案CEO Turnover and Director ReputationJun 2026
• [2025/01] 谁把信息让给了对手？——一个 Kyle 模型里「越无知越愿意分享」的反转Information Sharing in Financial MarketsJun 2026
• [2025/01] 两种技术，两种命运：当「更先进的 IT」未必带来更激烈的竞争Information Technology and Lender CompetitionJun 2026
• [2025/01] 悲观与乐观的浪潮：当「稳健」的投资者学会了随行情换尺子Robustness and Dynamic SentimentJun 2026
• [2024/12] 异质性，反而是金融体系的「稳定器」？Bank Heterogeneity and Financial StabilityJun 2026
• [2024/12] 食言的代价：当一只基金，没能守住它在招股书里许下的承诺Broken Promises, Competition, and Capital Allocation in the Mutual Fund IndustryJun 2026
• [2024/12] 没有唯一的冠军：当「交易冲击」把因子模型的擂台，按体量分成了三个Comparing Factor Models with Price-impact CostsJun 2026
• [2024/12] 时变的 beta，被低估了二十年的风险Conditional RiskJun 2026
• [2024/12] 银行撤退之后，是谁悄悄接住了那批「借不到钱」的公司？Direct Lenders in the U.S. Middle MarketJun 2026
• [2024/12] 个人税，悄悄定价了你的股票——一个来自伦敦 AIM 的干净实验Do Personal Taxes Affect Investment Decisions and Stock Returns?Jun 2026
• [2024/12] 一个「成功」的模型，为什么经不起逐年对账？——重估投资基础资产定价Estimating and Testing Investment-based Asset Pricing ModelsJun 2026
• [2024/12] 同一则「好消息」，凭什么放大一半异象、又压扁另一半？Macroeconomic Perceptions, Financial Constraints, and AnomaliesJun 2026
• [2024/12] 1.9 个基点的良心：可持续挂钩债券到底定价对了没有Pricing of Sustainability-linked BondsJun 2026
• [2024/11] 一天只成交几笔，价差还能量准吗？——把「离散」写进 bid-ask spread 的估计Efficient Estimation of Bid–ask Spreads from Open, High, Low, and Close PricesJun 2026
• [2024/11] 收益率曲线拟合得再好，也可能对波动率「充耳不闻」Modeling Volatility in Dynamic Term Structure ModelsJun 2026
• [2024/11] 股与债，真的「各说各话」吗？——一个结构模型如何为期权市场的「不一致」翻案The Risk and Return of Equity and Credit Index OptionsJun 2026
• [2024/11] 良心的「风险」标价：影响力投资到底让渡了多少收益？The Risk and Return of Impact Investing FundsJun 2026
• [2024/11] 你手里的「独家消息」，可能整个市场早就知道了Uncertainty About What is in the PriceSep 2024
• [2024/11] 加息前夜的悄然撤离：当「算不准的净值」反而成了基金的减震器Monetary Policy and Fragility in Corporate Bond Mutual FundsSep 2024
• [2024/10] 看不见交易商的手：一份大宗交易合约该长成什么形状Block Trade ContractingJun 2026
• [2024/10] 通胀的另一张账单：当它先砸了银行，再砸了房子Inflation and DisintermediationJun 2026
• [2024/10] 银行不肯放的款，黑人餐馆只能去金融科技公司「绕路」——但绕不过去的那一截Racial Disparities in the Paycheck Protection ProgramJun 2026
• [2024/10] 加息真正掐断的，是那条「过线」的房贷The Credit Supply Channel of Monetary Policy Tightening and Its Distributional ImpactsJun 2026
• [2024/10] 加一道资本要求，钱是流进来还是流出去？——东道国规则下，监管者们在抢同一块「股本」The Cross-border Effects of Bank Capital RegulationSep 2024
• [2024/09] 被「藏起来」的收益：当一个三十年回报为零的策略，其实从不为零Concealed CarryJun 2026
• [2024/09] 你以为高频交易只搅动了股票，其实它在期权里收了一笔「过路费」High-frequency Trading in the Stock Market and the Costs of Options Market MakingJun 2026
• [2024/09] 放高利贷的也怕「成本上升」：一个关于地下钱庄的结构模型The Effects of Policy Interventions to Limit Illegal Money LendingJun 2026
• [2024/09] 央行印的不是钱，是「占地方」的准备金——QE 如何反手挤掉了银行的贷款The Reserve Supply Channel of Unconventional Monetary PolicyJun 2026
• [2024/09] 市场太「集中」，资本就会配错地方——一个关于价格冲击与错配的一般均衡故事Financial Market Concentration and MisallocationJun 2024
• [2024/08] 讨好你的人，凭什么先被欠款？——藏在付款顺序里的歧视Discrimination in the Payments ChainJun 2026
• [2024/08] 国债拍卖的「接盘人」：一级交易商如何吞下、扛住、再卖出一波又一波供给How Do Treasury Dealers Manage Their Positions?Jun 2026
• [2024/08] 谁在替谁还房贷？——把按揭市场里那笔「看不见的补贴」算出来Refinancing Cross-subsidies in the Mortgage MarketJun 2026
• [2024/08] 注意力是共同的，情绪是私人的——同一只股票，三个平台在说两件事The Social SignalJun 2026
• [2024/07] 你不会去模仿邻居，但你会模仿一个你永远见不到的「同类」Crowdsourcing Peer Information to Change Spending BehaviorJun 2026
• [2024/07] 好心的政策，逼出了说谎的债务人——一道 $200 的暗线，如何让债权人反而少收了三成Debtor Income Manipulation in Consumer Credit ContractsJun 2026
• [2024/07] 公司为什么偏要等到年底才「收钱」？——把现金流的时间表写进资产定价Financial Constraints, Cash Flow Timing Patterns, and Asset PricesJun 2026
• [2024/07] 当「钱」本身也是一道交易成本：安全的私人货币如何重塑了一国的经济地理Real Effects of Supplying Safe Private MoneyJun 2026
• [2024/07] 请一个机器人替你理财，到底改变了什么？The Diversification and Welfare Effects of Robo-advisingJun 2026
• [2024/07] 你以为被动投资只占 16%？它其实是这个数的两倍The Passive Ownership Share is Double What You Think it isJun 2026
• [2024/07] 好消息让你想起好消息：把「过度反应」拆回记忆的联想Associative Memory, Beliefs and Market InteractionsJun 2024
• [2024/07] 一条会「调头」的曲线：当中间商的杠杆，给股票期限结构定了脾气Intermediary-based Equity Term StructureJun 2024
• [2024/06] 算不清的那一天：当「不确定」把投资者钉在了原地Ambiguity and Private Investors’ Behavior After Forced Fund LiquidationsJun 2026
• [2024/06] 把银行开到镇上，谁的工资涨得最快？——一场普惠金融实验里意外长出的不平等Financial Inclusion, Economic Development, and Inequality: Evidence from BrazilJun 2026
• [2024/06] 被「同一批股东」拖慢的消息：当机构持股反而让信息扩散得更慢Gradual Information Diffusion Across Commonly Owned FirmsJun 2026
• [2024/06] 把「灾难」从价格里赶出去：怎样在不看资产价格的前提下，量出一国的宏观尾部风险Measuring Macroeconomic Tail RiskJun 2026
• [2024/06] 当「拉抬净值」从明星基金经理转移到了他的同事身上Portfolio Pumping in Mutual Fund FamiliesJun 2026
• [2024/06] 炸塌的不只是房子，还有买房的念头Shattered HousingJun 2026
• [2024/05] 缺失值的「无用之用」：当朴素的均值填补，打败了教科书里的最优算法Missing Values Handling for Machine Learning PortfoliosJun 2026
• [2024/05] 互补品的暗线：当电池涨价，芯片厂的股票为什么会先动？Production Complementarity and Information Transmission Across IndustriesJun 2026
• [2024/05] 把「她」放进国会，谁的订单变多了？——女性政治家与政府采购里的性别缺口The Effect of Female Leadership on Contracting from Capitol Hill to Main StreetJun 2026
• [2024/05] 同一则财报，两个头条：政治极化怎样钻进了「本该客观」的财经新闻Political Polarization in Financial NewsJun 2024
• [2024/04] 飞机要换，债也要「换」：把「期限匹配」拆回资本的年龄Asset Life, Leverage, and Debt Maturity MatchingJun 2026
• [2024/04] 停业这本账：一场大流行里，关店的代价究竟落在谁头上Causal Effects of Closing Businesses in a PandemicJun 2026
• [2024/04] 新机器买不到的那一年：一场供给短缺，如何让「从不买新设备」的年轻公司受伤最深Investment When New Capital is Hard to FindJun 2026
• [2024/04] J'Accuse！——当反犹主义涨落时，股市替我们记下了人心J'Accuse! Antisemitism and Financial Markets in the Time of the Dreyfus AffairJun 2026
• [2024/04] 把「合谋」写进高管的工资条：当反垄断的门悄悄关上Motivating CollusionJun 2026
• [2024/04] 同一个 book-to-market，凭什么有的「值钱」有的「不值钱」？Persistent and Transitory Components of Firm Characteristics: Implications for Asset PricingJun 2026
• [2024/04] 互换利差为何敢于「转负」：把套利的风险，算进价格里Demand-and-supply Imbalance Risk and Long-term Swap SpreadsJun 2024
• [2024/03] 不确定性不是宿命：当公司学会了「边走边改」的资本预算Capital Budgeting, Uncertainty, and MisallocationJun 2026
• [2024/03] 让机器去看 K 线图：一台神经网络，把「技术分析」从学术的垃圾桶里捡了回来Charting by MachinesJun 2026
• [2024/03] 央行的「合格清单」：一只债券一旦能抵押，会发生什么？Collateral Eligibility of Corporate Debt in the EurosystemJun 2026
• [2024/03] 「脆弱」的股价，逼出来的现金：当 CFO 开始为还没发生的错误定价买单Corporate Responses to Stock Price FragilityJun 2026
• [2024/03] 分歧本身没那么重要，重要的是「信息质量」在变Disagreement, Information Quality and Asset PricesJun 2026
• [2024/03] 你愿不愿意买股票，先看看你是个什么样的人Personality Differences and Investment Decision-makingJun 2026
• [2024/03] 欠你一千万的人，其实是债主的「人质」——把续贷写成一个无懈可击的均衡EvergreeningJun 2024
• [2024/02] 音乐停了，谁还在跳舞？——一个关于「延迟的危机」的理性预期模型Delayed Crises and Slow RecoveriesJun 2026
• [2024/02] 分歧的两副面孔：当投资者争的不是「数字」，而是「数字有多可信」Disagreement About Public Information Quality and Informational Price EfficiencyJun 2026
• [2024/02] 选不选他，决定了银行什么时候倒——一场进步时代的「监管独立性」实验Independent Regulators and Financial Stability Evidence from Gubernatorial Election Campaigns in the Progressive EraJun 2026
• [2024/02] 当所有银行都去猜同一张考卷：压力测试与系统的「单一栽培」Stress Tests and Model MonocultureJun 2026
• [2024/02] 股东连带责任是怎么消失的？——一段被规模悄悄改写的金融史Why Did Shareholder Liability Disappear?Jun 2026
• [2024/02] 被「学」出来的风险：当贴现率随着信念一起呼吸Learning About the Consumption Risk Exposure of FirmsJun 2024
• [2024/01] 把「人」当成望远镜：从 5.35 亿份简历里，看见 AI 怎样喂大了超级明星公司Artificial Intelligence, Firm Growth, and Product InnovationJun 2026
• [2024/01] 穷人没有不投资，他们把钱投进了储藏室Financial Returns to Household Inventory ManagementJun 2026
• [2024/01] 央行降息，卡在了「那一个交易商」手里Monetary Policy Transmission in Segmented MarketsJun 2026
• [2024/01] 因子模型的成败，藏在一个变量的「构造方式」里The Use of Asset Growth in Empirical Asset Pricing ModelsJun 2026
• [2023/12] 一篇被作者亲手撤回的 JFE：当「公司债四因子」死于一次时间对齐错误Retraction Notice to “Common Risk Factors in the Cross-section of Corporate Bond Returns” [Journal of Financial Economics 131 (3) (2019) 619-642]Jun 2026
• [2023/11] 页码消失的那一天：JFE 给每篇文章发了一个「身份证」Publisher's NoteJun 2026
• [2023/09] 汇率藏在一张「违约保单」的价差里A Credit-based Theory of the Currency Risk PremiumJun 2026
• [2023/09] 一份抵押品，借出四遍半的钱：一条破产法修正案如何在影子银行里造出货币乘数Creditor Rights, Collateral Reuse, and Credit SupplyJun 2026
• [2023/09] 债，其实一直在动：当「随机发债」补全了信用风险的另一半Debt Dynamics and Credit RiskJun 2026
• [2023/09] 把银行柜员变成「编外警探」：一纸不带激励的法律，能挡住针对老人的诈骗吗？Deputizing Financial Institutions to Fight Elder AbuseJun 2026
• [2023/08] 异象的消退，是被「套利」吃掉了，还是基本面自己缩水了？Can the Changes in Fundamentals Explain the Attenuation of Anomalies?Jun 2026
• [2023/08] 灾难之后，谁该被「救」？——一个把企业、银行与财政三方串起来的最优救助模型Firm-bank Linkages and Optimal Policies After a Rare DisasterJun 2026
• [2023/08] 「刚兑」是原罪，还是次优解？——重读中国影子银行里的隐性担保Implicit Guarantees and the Rise of Shadow Banking: The Case of Trust ProductsJun 2026
• [2023/07] 把价签换成代币，弱者如何赢下价格战Product Market Competition with Crypto Tokens and Smart ContractsJun 2026
• [2023/07] 「提前安排好」就等于「没用内幕消息」吗？——拆开 Rule 10b5-1 的三道后门When and How Are Rule 10b5-1 Plans Used for Insider Stock Sales?Jun 2026
• [2023/07] 「旧闻」为什么还能再骗市场一次？——当旧消息学会了「重新组合」When Can the Market Identify Old News?Jun 2026
• [2023/04] 钱追着「去年的收益」跑：401(k) 里 83% 的人都在「认错了树」Barking up the Wrong Tree: Return-chasing in 401(k) PlansJun 2026
• [2023/04] 当「对手」就坐在自家屋檐下：被动基金如何逼着主动基金跑得更快The Modern Mutual Fund FamilyJun 2026
• [2023/03] 债，竟成了老板谈判桌上的底牌——重读「债务谈判渠道」与失业Financial Markets and UnemploymentJun 2026
• [2023/03] 波动率，真的能当「信息」的尺子用吗？Volatility and InformativenessJun 2026
• [2023/03] 利率往下走的时候，是谁先按下了「再融资」键Mortgage Prepayment, Race, and Monetary PolicyJan 2023
• [2023/02] 机器换人，为什么「被换的人」手里的股票反而更贵？Automation and the Displacement of Labor by Capital: Asset Pricing Theory and Empirical EvidenceJun 2026
• [2023/01] 「跑赢大盘」是会过期的：当一只基金的胜率，随着持有年限一年年缩水Mutual Fund Performance at Long HorizonsJun 2026
• [2023/01] 与总统「对得上」的股票，为什么反而跑输了？Presidential Economic Approval Rating and the Cross-section of Stock ReturnsJun 2026
• [2022/12] 威胁，必须可信：一场银行「救还是不救」的胆小鬼博弈Capital Forbearance in the Bank Recovery and Resolution GameJun 2026
• [2022/12] 给市场收一笔「降噪费」：交易税真能让价格更聪明吗？Financial Transaction Taxes and the Informational Efficiency of Financial Markets: A Structural EstimationJun 2026
• [2022/12] 全世界最大的市场，也有「推不动」的时候——把外汇流动性拆成价格冲击Liquidity in the Global Currency MarketJun 2026
• [2022/12] 大价格扭曲，小福利损失：一场金融科技实验，给「信息不对称」算了笔账Measuring the Welfare Cost of Asymmetric Information in Consumer Credit MarketsJun 2026
• [2022/12] 被错读的，不是风险，是美联储Monetary Policy Expectation ErrorsJun 2026
• [2022/12] 你信不信海平面会上升，写在了你家的海拔里Partisan Residential Sorting on Climate Change RiskJun 2026
• [2022/12] 产品会老，公司也会：把现金流拆回一筐正在变旧的货架Product Market Strategy and Corporate PoliciesJun 2026
• [2022/12] 估值越「说不清」，情绪越「说了算」Sentiment and UncertaintyJun 2026
• [2022/12] 什么在推动国债收益率？——一个「当下按兵不动、三年后才发作」的冲击What Moves Treasury Yields?Jun 2026
• [2022/11] 高 beta、低收益：困境股票里那根会「看天」的杠杆A Unified Model of Distress Risk PuzzlesJun 2026
• [2022/11] 越透明，越脆弱？——存款人其实看得懂银行的财报Bank Transparency and Deposit FlowsJun 2026
• [2022/11] 华尔街的亏损，怎样涨了你家的房贷——一张「信用曲面」的故事Credit Cycles with Market-based Household LeverageJun 2026
• [2022/11] 发债没有回头路：一点发行成本，如何替股东锁住了税盾Debt Dynamics with Fixed Issuance CostsJun 2026
• [2022/11] 绿色资产涨得越好，越不该期待它继续涨Dissecting Green ReturnsJun 2026
• [2022/11] 谁先到的？——一桩 JFE 学术优先权争议的「结案陈词」Editor’s NoteJun 2026
• [2022/11] 股票替你赚的钱，悄悄偷走了你下个月的力气Employee Output Response to Stock Market Wealth ShocksJun 2026
• [2022/11] 披露越「漂亮」，价格越「糊涂」？——基金如何围着季末的截止线排兵布阵More Informative Disclosures, Less Informative Prices? Portfolio and Price Formation Around Quarter-endsJun 2026
• [2022/11] 把债券「超额配售」给你：承销商在悄悄做空什么？Overallocation and Secondary Market Outcomes in Corporate Bond OfferingsJun 2026
• [2022/11] 当散户「掉线」：一次宕机，照出两种截然不同的散户Retail Trader Sophistication and Stock Market Quality: Evidence from Brokerage OutagesJun 2026
• [2022/11] 显著性异象的「微缩」真相：当一个全球溢价，只活在 3% 的市场角落里Salience Theory and the Cross-section of Stock Returns: International and Further EvidenceJun 2026
• [2022/11] 把「成交价」从「成交量」里解放出来——重新丈量公司债的流动性Size-adapted Bond Liquidity Measures and Their Asset Pricing ImplicationsJun 2026
• [2022/11] 为了留住那些「零」，我们把结论的符号弄反了Count (and Count-like) Data in FinanceSep 2022
• [2022/10] 把饼做大，还是把饼重分？——金融科技补上了银行够不着的那一块Can FinTech Reduce Disparities in Access to Finance? Evidence from the Paycheck Protection ProgramJun 2026
• [2022/10] 高管手里的「波动率期权」，为什么只在寒冬里咬人？Executive Stock Options and Systemic RiskJun 2026
• [2022/10] 当价格在说谎：评级机构凭什么「看穿」市场的噪声On the Information Content of Credit Ratings and Market-based Measures of Default RiskJun 2026
• [2022/10] 替你估值的人，正在替你「挑」对手Peer Selection and Valuation in Mergers and AcquisitionsJun 2026
• [2022/10] 未动用的抵押品，是高评级公司留给坏天气的「救生艇」The Secured Credit Premium and the Issuance of Secured DebtJun 2026
• [2022/10] 年轻的公司，老去的机器：一台二手冰淇淋车里的资本再配置Young Firms, Old CapitalJun 2026
• [2022/09] 用更多的数据，买来更大的偏差——长期预测回归里那场小样本幻觉Biases in Long-horizon Predictive RegressionsJun 2026
• [2022/09] 一次「拆股」，如何把散户钉在最高点Corporate Actions and the Manipulation of Retail Investors in China: An Analysis of Stock SplitsJun 2026
• [2022/09] 半万亿美元，砸出了多少个工作？——当救命钱的去向，由你的开户行决定Did the Paycheck Protection Program Hit the Target?Jun 2026
• [2022/09] 白天的「过度纠正」：当套利者在拔河里站错了队Overnight Returns, Daytime Reversals, and Future Stock ReturnsJun 2026
• [2022/09] 为什么有人偏要去「更差」的市场交易？——把市场分散写回投资者的算盘上Strategic Fragmented MarketsJun 2026
• [2022/09] 自由进入的市场里，为什么钱还能「白赚」？Separating Equilibria, Underpricing and Security DesignSep 2022
• [2022/09] 搭便车的人越来越多，价格却没有变笨On Index InvestingJun 2022
• [2022/08] 风险溢价，是「消失」了，还是「断」掉了？Have Risk Premia Vanished?Jun 2026
• [2022/08] 被「保护」起来的核心公司，为什么反而更便宜？International Asset Pricing with Strategic Business Groups1Jun 2026
• [2022/08] 杠杆是「果」，不是「因」：一个没有摩擦的危机故事LeverageJun 2026
• [2022/08] 我们读的，和我们转发的，是两回事Listening in on Investors’ Thoughts and ConversationsJun 2026
• [2022/08] 把卖空看成一次「投票」：钱投得准不准，藏着市场下个月的方向Short Selling EfficiencyJun 2026
• [2022/08] 当「绿」本身就说不清：评级分歧如何重写了 ESG 的风险与定价Sustainable Investing with ESG Rating UncertaintyJun 2026
• [2022/08] 把研究「众包」给散户之后，他们的下单反而更聪明了The Democratization of Investment Research and the Informativeness of Retail Investor TradingJun 2026
• [2022/08] 把规则写进法律，不等于写进了现实——得州发薪日贷款里的执法时滞The Effects of Disclosure and Enforcement on Payday Lending in TexasJun 2026
• [2022/07] 新闻里那条「负面偏向」，竟是公司自己「逼」出来的A Theory of Financial MediaJun 2026
• [2022/07] 算不准「风险有多大」的那些天，散户在做什么？Ambiguity About Volatility and Investor BehaviorJun 2026
• [2022/07] 泡沫里，市场给创新贴错了两次价签Bubbles and the Value of InnovationJun 2026
• [2022/07] 把股票挂到国外去，竟是一道防收购的「护城河」Cross-listings, Antitakeover Defenses, and the Insulation HypothesisJun 2026
• [2022/07] 民主越成熟，新股就越不必「打折」？Democracy and the Pricing of Initial Public Offerings Around the WorldJun 2026
• [2022/07] 因子动物园之外，那种没人定价的「一起崩」Multivariate Crash RiskJun 2026
• [2022/07] 把「这一次会议」的恐惧，从期权价格里解出来Recovering the FOMC Risk PremiumJun 2026
• [2022/07] 把监管的信件挂到网上之后：公私执法是如何「合流」的Regulatory Transparency and the Alignment of Private and Public Enforcement: Evidence from the Public Disclosure of SEC Comment LettersJun 2026
• [2022/07] 山姆大叔把华尔街领到了缅因街：一战债券如何重塑美国金融When Uncle Sam Introduced Main Street to Wall Street: Liberty Bonds and the Transformation of American FinanceJun 2026
• [2022/06] 一年只有那么几天，beta 才真正值钱Asset Pricing on Earnings Announcement DaysJun 2026
• [2022/06] 借得到，却用不上：当「承诺」和「相机抉择」把企业按规模分成两半Bank Liquidity Provision Across the Firm Size DistributionJun 2026
• [2022/06] 危机来了，灵活的公司「灵活」在哪？——把企业的应变能力拆成三种Corporate Flexibility in a Time of CrisisJun 2026
• [2022/06] 想躲开套利者的「做空」，就用现金买下它Does Short-selling Potential Influence Merger and Acquisition Payment Choice?Jun 2026
• [2022/06] 为什么最优的合约，一开始反而要「纵容」失败？Financing Breakthroughs Under Failure RiskJun 2026
• [2022/06] 工具变量「洗掉」的，恰恰是 CFO 最需要的那部分因果Signaling, Instrumentation, and CFO Decision-makingJun 2026
• [2022/06] 算不清股票能赚多少的人，反而更敢买？Stock Return IgnoranceJun 2026
• [2022/06] 7% 这把「固定的尺子」，竟能改写新股的价格The “7% Solution” and IPO (under)pricingJun 2026
• [2022/06] 零成本的代币，为什么卖得出正的价格？Token-based Platform FinanceJun 2026
• [2022/06] 为什么衰退总在悄悄改写一国的产业版图？——信贷再配置那条暗线Why Does Structural Change Accelerate in Recessions? the Credit Reallocation ChannelJun 2026
• [2022/06] 期权价格能给收益率定个「地板价」吗——下界的有效、紧致与预测力Validity, Tightness, and Forecasting Power of Risk Premium BoundsJun 2022
• [2022/05] 并购是为了把饼做大，还是把价抬高？——答案藏在「产品像不像」里Anticompetitive Effects of Horizontal Acquisitions: The Impact of Within-industry Product SimilarityJun 2026
• [2022/05] 比特币的「人越多越慢」：一个把有限采用写进均衡的故事Bitcoin’s Limited Adoption ProblemJun 2026
• [2022/05] 把结算价「拨」一下：衍生品操纵，究竟错在哪一步Competition and Manipulation in Derivative Contract MarketsJun 2026
• [2022/05] 美元为什么敢借得又贵又险？——一个「债务视角」的反转Dominant Currency DebtJun 2026
• [2022/05] 替你垫付月供的那个人，最怕你拖太久Financially Constrained Mortgage ServicersJun 2026
• [2022/05] 钱住在波士顿，公司开在德州：一道被「地理错位」撑高的估值Geographic Clustering of Institutional InvestorsJun 2026
• [2022/05] 当「更稳健」的设计悄悄把符号弄反了——重读交错双重差分How Much Should We Trust Staggered Difference-in-differences Estimates?Jun 2026
• [2022/05] 油价的「波动」，比油价本身更早预言衰退Oil Volatility RiskJun 2026
• [2022/05] 散户其实在「投票」，只是我们一直假设他们不在乎Retail Shareholder Participation in the Proxy Process: Monitoring, Engagement, and VotingJun 2026
• [2022/05] 远方朋友的一场洪水，如何让你买下了保险Social Interactions and Households’ Flood Insurance DecisionsJun 2026
• [2022/05] 同一笔杠杆，凭什么「长债」的公司要多付 0.21%？The Maturity PremiumSep 2022
• [2022/04] 抵押品的两副面孔：当银行同时用「利率」和「担保」给你做体检Collateral and Asymmetric Information in Lending MarketsJun 2026
• [2022/04] 货币动量的真身：它不过是因子在「重复自己」Dissecting Currency MomentumJun 2026
• [2022/04] 对手刚上市，我要不要也赶紧上？——把「同行效应」算进 IPO 的决策里IPO Peer EffectsJun 2026
• [2022/04] 在中国发债，为什么「卖贵了」反而排着长队？Issuance Overpricing of China's Corporate Debt SecuritiesJun 2026
• [2022/04] 同行不是均匀的一团：把「资本结构会传染」这件事，重新量了一遍Network Effects in Corporate Financial PoliciesJun 2026
• [2022/04] 每一张期权背后，站着一个怎样的投资者？Pricing of Index Options in Incomplete MarketsJun 2026
• [2022/04] founders 把控制权写进了招股书：双层股权 IPO 为什么卷土重来The Rise of Dual-class Stock IPOsJun 2026
• [2022/03] 期权太「短命」，因子模型怎么追得上它？A Factor Model for Option ReturnsJun 2026
• [2022/03] 高政策不确定性，低市场波动率：恐慌指数为什么「该叫没叫」High Policy Uncertainty and Low Implied Market Volatility: An Academic Puzzle?Jun 2026
• [2022/03] 一笔贷款长成什么样，取决于『未来谁来接盘』Liquidity, Pledgeability, and the Nature of LendingJun 2026
• [2022/03] 把「忙」写进专利，再写进股价：一个被审查员的时间表掀开的因果链Patent Quality, Firm Value, and Investor Underreaction: Evidence from Patent Examiner BusynessJun 2026
• [2022/03] 主席开口的那一分钟：把美联储的「话」按秒对齐到价格上Real-time Price Discovery via Verbal Communication: Method and Application to FedspeakJun 2026
• [2022/03] 你扛下的特质风险，账单却寄给了别人Under-diversification and Idiosyncratic Risk ExternalitiesJun 2026
• [2022/02] 一条「跌了5%」的推送，如何让你悄悄加了杠杆Attention Triggers and Investors’ Risk-takingJun 2026
• [2022/02] 法官太忙，借钱就贵：一座拥堵的破产法庭如何写进你的贷款利率Busy Bankruptcy Courts and the Cost of CreditJun 2026
• [2022/02] 当失业率与纳斯达克背道而驰：股市还能代表经济吗？Have Exchange-listed Firms Become Less Important for the Economy?Jun 2026
• [2022/02] 在全球市场里，「老乡」基金经理算不算一种主场优势？Is There a Home Field Advantage in Global Markets?Jun 2026
• [2022/02] 华尔街亏的钱，怎样变成了瑞士小镇上涨的房价Local Banks, Credit Supply, and House PricesJun 2026
• [2022/02] 问卷会撒谎，交易不会：怎样在「偏差动物园」里抓出真凶Taming the Bias ZooJun 2026
• [2022/02] 经理人的「过度自信」，其实藏在波动率里The Micro and Macro of Managerial BeliefsJun 2026
• [2022/02] 汇率里那块「找不到」的风险溢价The Missing Risk Premium in Exchange RatesJun 2026
• [2022/01] 几个大客户，怎样把「赌性」写进了 CEO 的工资条Does Customer-base Structure Influence Managerial Risk-taking Incentives?Jun 2026
• [2022/01] 基金越难脱手，它手里的债券越「抖」Does Mutual Fund Illiquidity Introduce Fragility into Asset Prices? Evidence from the Corporate Bond MarketJun 2026
• [2022/01] 一只苍蝇，如何在三百年后掐住了非洲人的钱包Epidemic Disease and Financial DevelopmentJun 2026
• [2022/01] 一篮子货币里，藏着一份免费的「尾部保险」Equity Tail Risk and Currency Risk PremiumsJun 2026
• [2022/01] 总统的「民意」，藏着三年后的美元Government Policy Approval and Exchange RatesJun 2026
• [2022/01] 投资者还没回过神，灾难已经走完了一半Learning, Slowly Unfolding Disasters, and Asset PricesJun 2026
• [2022/01] 把十年前的房价，刻进今天的房租里Peak-Bust Rental SpreadsJun 2026
• [2022/01] 谁欠谁的钱，藏在它离餐桌有多远Trade Credit and Profitability in Production NetworksJun 2026
• [2022/01] VC 拿走的，从来不止「一半的饼」Venture Capital ContractsJun 2026
• [2021/12] 把因子拖回 1800 年：一场对 p-hacking 的两百年审判Global Factor PremiumsJun 2026
• [2021/12] 公司债里，风险终于换来了收益Is There a Risk-return Tradeoff in the Corporate Bond Market? Time-series and Cross-sectional EvidenceJun 2026
• [2021/12] 你以为下载的是「收益率曲线」，其实下载的是一种方法Reconstructing the Yield CurveJun 2026
• [2021/11] 股和债，到底在听同一个人说话吗？Common Shocks in Stocks and BondsJun 2026
• [2021/11] 财务状况会替机构投资者「做决定」吗？——来自保险公司的证据The Role of Financial Conditions in Portfolio Choices: The Case of InsurersSep 2021
• [2021/10] 差点死掉的那个市场：一场公司债流动性危机的微观解剖Anatomy of a Liquidity Crisis: Corporate Bonds in the COVID-19 CrisisJun 2026
• [2021/10] 房租为什么越来越贵？答案藏在「翻新」里Finance and the Supply of Housing QualityJun 2026
• [2021/10] 买在一起，卖也在一起：当保险公司的持仓「撞衫」Portfolio Similarity and Asset Liquidation in the Insurance IndustryJun 2026
• [2021/10] 股价撞上「天花板」：52周高点如何拖慢了对客户消息的反应Psychological Barrier and Cross-firm Return PredictabilityJun 2026
• [2021/10] 抽签抽出来的创新力：H-1B 签证如何决定一家创业公司的生死The Role of High-skilled Foreign Labor in Startup Performance: Evidence from Two Natural ExperimentsJun 2026
• [2021/10] 当招人变得太容易：失业率为什么预言了公司债的违约Unemployment and Credit RiskJun 2026
• [2021/09] 上市之后，公司为什么开始疯狂招人？Access to Public Capital Markets and Employment GrowthJun 2026
• [2021/09] 你的经纪人，比 SEC 公告知道得更多Inside BrokersJun 2026
• [2021/09] 五年之后，所有股票的预期收益都回到了平均数Long-term Discount Rates Do Not Vary Across FirmsJun 2026
• [2021/07] 「卖空」卖不掉的风险，最后都摊进了看跌期权的价格里Mispricing, Short-sale Constraints, and the Cross-section of Option ReturnsJun 2026
• [2021/07] 破产标记被抹去那天，他借到了钱，也开起了公司The Impact of Consumer Credit Access on Self-employment and EntrepreneurshipJun 2026
• [2021/05] 高贴现率，为什么会逼着对手「打价格战」？Competition, Profitability, and Discount RatesJun 2026
• [2021/05] 把债务「慢慢还」，到底是在稳增长，还是在囤风险？Persistent Government Debt and Aggregate Risk DistributionJun 2026
• [2021/05] 国债期权里那点「波动」，悄悄预告了未来一年的经济Treasury Yield Implied Volatility and Real ActivityJun 2026
• [2021/04] 央行买债，债究竟从谁手里流走了？Inspecting the Mechanism of Quantitative Easing in the Euro AreaJun 2026
• [2021/03] 15 万美元那道缺口：贷款担保究竟放出了多少信贷Loan Guarantees and Credit SupplyMar 2021
• [2021/02] 同样是「借不到钱」，原因却各不相同：把融资约束拆回它的三个源头The Sources of Financing ConstraintsJun 2026
• [2021/01] 把公司这个「黑箱」拆开：契约一违约，债主把资源搬去了哪里Creditor Control Rights and Resource Allocation Within FirmsJun 2026
• [2020/12] 基金的「不可能三角」：当规模、费率与流动性必须互相让步Fund TradeoffsJun 2026
• [2020/12] 钱配错了地方，就成了「全要素生产率」的缺口Financial Intermediation and Capital ReallocationSep 2020
• [2020/11] 同一个发行人的两只债券，戳破了「火线甩卖」的幻觉Corporate Bond Mutual Funds and Asset Fire SalesJun 2026
• [2020/11] 你以为内幕交易者「天生」知道答案，可她其实在挑时机下注Strategic Trading and Unobservable Information AcquisitionJun 2026
• [2020/09] 把概率从期权价格里「凭空」捞出来——Ross 复原定理的一次实证审判Does the Ross Recovery Theorem Work Empirically?Jun 2026
• [2020/07] 股市的「四季」，藏在一条叫情绪 beta 的曲线里Mood Beta and Seasonalities in Stock ReturnsJun 2026
• [2020/07] 短债真的能「管住」股东吗？——一个关于「滚动陷阱」的反转Short-term Debt and Incentives for Risk-takingJun 2026
• [2020/06] 外汇敞口该怎么对冲？——把答案藏进「美元」和「套利」两个因子里Global Currency Hedging with Common Risk FactorsJun 2026
• [2020/06] 越是抢着要「安全」，私人货币反而退场Private Money Creation with Safe Assets and Term PremiaJun 2026
• [2020/05] 多发股本，银行就一定少放贷吗？——一个被「存款利率」掰回来的常识Capital Requirements, Risk Choice, and Liquidity Provision in a Business-cycle ModelJun 2026
• [2020/05] 当「最公众」的投资者，悄悄走进了私募市场Mutual Fund Investments in Private FirmsJun 2026
• [2020/04] 「挑剩的」还是「真便宜」？——给私募股权跟投做一次大样本体检Adverse Selection and the Performance of Private Equity Co-investmentsJun 2026
• [2020/04] 央行买债，关键不在「买多少」，而在「买什么」Monetary Stimulus and Bank LendingJun 2026
• [2020/04] 压力测试之后，银行把风险「赶」去了哪里？Stress Tests and Small Business LendingJun 2026
• [2020/02] 压缩横截面：因子动物园的尽头，不是更少的因子，而是更聪明的收缩Shrinking the Cross-sectionMay 2026
• [2020/01] 短卖单不再是「先知」：当做空数据被实时公开之后Shorting Flows, Public Disclosure, and Market EfficiencyJun 2026
• [2019/10] 市场的下一步，藏在一万只股票的「歪斜」里Average Skewness MattersJun 2026
• [2019/09] 无形资本怎么融资？答案藏在员工的工资单里Financing Intangible CapitalJun 2026
• [2019/08] 央行没买你的债，你却也跟着发了债——一条「资本结构」的货币政策暗线A Capital Structure Channel of Monetary PolicyJun 2026
• [2019/02] 为什么宁可抵押，也不卖掉？——一块「不够流动」的资产，如何长出了抵押溢价Collateralizing LiquidityJun 2026
• [2019/01] 危机里谁在「逆向接盘」？——债券基金、信用违约互换与一笔藏着风险的流动性溢价The Use of Credit Default Swaps by Bond Mutual Funds: Liquidity Provision and Counterparty RiskJun 2026
• [2018/11] 税率明明偏爱股权，他们却偏偏去借钱——一战投资高峰里的资本结构选择Financing Investment Spikes in the Years Surrounding World War I⁎Jun 2026
• [2018/08] 一天里，只有两个半小时真正重要Market Intraday MomentumJun 2026
• [2018/05] 市场之外，长期投资者还在怕什么？——给 CAPM 装上第三颗「会怕波动」的心An Intertemporal CAPM with Stochastic VolatilityJun 2026
• [2018/03] 清算所：在美联储之前，半个国家的「最后贷款人」The (dis)advantages of Clearinghouses Before the FedJun 2026
• [2018/02] 晴天才借得起伞：谁在用「提前续贷」对冲信用寒冬Liquidity Risk and Maturity Management over the Credit CycleJun 2026
• [2018/02] 威胁还没来，债先「续」上了——航空公司如何为一场尚未发生的价格战提前锁定长债Threat of Entry and Debt Maturity: Evidence from AirlinesJun 2026
• [2017/10] 外资真是「蝗虫」吗？——一次跨 30 国的长期投资体检Are Foreign Investors Locusts? the Long-term Effects of Foreign Institutional OwnershipJun 2026
• [2017/08] 理论最美、却没人用的模型：把「消费风险」反推回每一家公司Firm Characteristics, Consumption Risk, and Firm-level Risk ExposuresJun 2026
• [2017/03] 美国为什么「丢」了一半上市公司？The U.S. Listing GapJun 2026
• [2017/01] 把「时代的恐惧」从一百二十年的报纸头版里读出来News Implied Volatility and Disaster ConcernsJun 2026
• [2016/12] 当「噪声」开始说话：动态市场里，越多人知情反而越想知情Information Tradeoffs in Dynamic Financial MarketsSep 2016
• [2016/11] 央行不买公司债，公司却替它「补了货」——一次拉平收益率曲线的自然实验The Impact of Unconventional Monetary Policy on Firm Financing Constraints: Evidence from the Maturity Extension ProgramJun 2026
• [2016/02] 我们只统计了「死得不那么惨」的那些公司The Expected Cost of DefaultJun 2026
• [2015/11] 公告日那点「凭空」的正收益，原来是有人在低价甩货Asymmetric Decrease in Liquidity Trading Before Earnings Announcements and the Announcement Return PremiumJun 2026
• [2015/08] 财报还没发，机构已经站好了队——一份非公开成交簿里的「知情」证据Are Institutions Informed About News?Jun 2026
• [2013/12] 汇率为什么「不肯」波动？——一场跨国共享的灾难，如何同时定价了货币与货币期权General Equilibrium Pricing of Currency and Currency OptionsJun 2026
• [2013/12] 市场怕的不是通胀，而是通胀的两端The Economics of Options-implied Inflation Probability Density FunctionsJun 2026
• [2013/11] 「机构持股越多，并购做得越好」——可这真的是监管的功劳吗？Mutual Fund Skill and the Performance of Corporate AcquirersJun 2026
• [2013/09] 银行能不能「养」出创新？——一场跨州放开的自然实验Credit Supply and Corporate InnovationJun 2026
• [2013/08] 借公开债，是为了躲开银行的眼睛Corporate Ownership Structure and the Choice Between Bank Debt and Public DebtJun 2026
• [2013/05] 恐慌指数也能定价：当 2008 把所有「均值回归」模型一起按在地上摩擦Valuation of VIX DerivativesJun 2026
• [2013/04] 波动越「自己的」，期权越不值钱——一条藏在 delta 对冲收益里的暗线Cross Section of Option Returns and Idiosyncratic Stock VolatilityJun 2026
• [2013/04] 评级注水，错的真是「谁付钱」吗？——当一张 AAA 同时是信息，也是「监管通行证」Rating Agencies in the Face of RegulationJun 2026
• [2013/02] 期权报价里，到底有没有「先知」？Is There Price Discovery in Equity Options?Jun 2026
• [2013/01] 派息税没有改变投资的『总量』，却悄悄改写了它的『去向』Payout Taxes and the Allocation of InvestmentJun 2026
• [2012/12] 归属期越长，越能治短视吗？——一个被「换帅威胁」掰弯的常识Stock Option Vesting Conditions, CEO Turnover, and Myopic InvestmentJun 2026
• [2012/09] 同一家公司，股票和它的「违约保单」，真的在同一条船上吗？Limited Arbitrage Between Equity and Credit MarketsJun 2026
• [2012/09] 全世界都有「价值」和「动量」，只有日本是个例外Size, Value, and Momentum in International Stock ReturnsJun 2026
• [2012/07] 外资来了，全球新闻就传得更快吗？——一道写在「可投资度」里的自然实验Do Foreigners Facilitate Information Transmission in Emerging Markets?Jun 2026
• [2012/07] 差点和次贷一起被埋葬的那个市场：商业地产衍生品的危机定价Pricing of Commercial Real Estate Securities During the 2007–2009 Financial CrisisJun 2026
• [2012/03] 你的合伙人破产了，你会不会跟着一起垮？Bankruptcy Spillover Effects on Strategic Alliance PartnersJun 2026
• [2012/03] 一把更稳的尺子，量出了危机里公司债的「流动性恐慌」Corporate Bond Liquidity Before and After the Onset of the Subprime CrisisJun 2026
• [2011/12] 上帝怎么看赌博，市场就怎么定价Religious Beliefs, Gambling Attitudes, and Financial Market OutcomesJun 2026
• [2011/09] 公司一发证券股价就跌：是老板在「择时」，还是市场在「定价」？Corporate Financing Decisions, Managerial Market Timing, and Real InvestmentJun 2026
• [2011/08] 最后一分钟的两百万股期权：当目标公司 CEO 在谈判桌底下「自己给自己发薪」Stock Option Grants to Target CEOs During Private Merger NegotiationsJun 2026
• [2011/07] 把秘密说给你听，你就成了我的对手——对冲基金业绩为什么能「持续」Information Spillovers and Performance Persistence for Hedge FundsJun 2026
• [2011/05] 「自由薯条」那年，法国的股票为什么也跟着掉了价？Country-specific Sentiment and Security PricesJun 2026
• [2011/03] 为什么公司发了股票，却把钱原封不动地存了起来？Share Issuance and Cash SavingsJun 2026
• [2011/02] 投错票的人，反而把治理变好了？——给“空洞投票”算一笔效率账Empty Voting and the Efficiency of Corporate GovernanceJun 2026
• [2011/01] 新基金买的，正是你手里那批股票——把基金竞争量成一个数字Competition Among Mutual FundsJun 2026
• [2010/09] 「冻住」的市场，还是算清楚账的投资者？——重读拍卖利率证券的崩塌Auction Failures and the Market for Auction Rate SecuritiesJun 2026
• [2010/07] 多花一笔钱买「需求」：增发时，企业为什么宁愿请投行去吆喝The Marketing of Seasoned Equity OfferingsJun 2026
• [2010/06] 市场会涨还是会跌？别盯着波动率，去看股票们「有多齐心」Average Correlation and Stock Market ReturnsJun 2026
• [2010/04] 控制权的私利，到底值多少钱？——从一桩大宗股权交易的「砍价」里把它解出来Quantifying Private Benefits of Control from a Structural Model of Block TradesJun 2026
• [2010/02] 你的借钱成本，写在国家的「政治账本」里Political Rights and the Cost of DebtJun 2026
• [2009/11] 技术，是市场最被忽视的「预报员」Technological Innovations and Aggregate Risk PremiumsJun 2026
• [2009/10] 你以为美国人在「追涨」外国股票，其实他们手里攥着一份全球情报Global Private Information in International Equity MarketsJun 2026
• [2008/07] 股价里那团「噪声」，原来是熊彼特的指纹——IT 如何把「创造性破坏」写进了个股的离散度Creative Destruction and Firm-specific Performance HeterogeneityJun 2026
• [2008/03] 在地图上画一条线：跨州县界如何重估了「银行松绑」的真实效果Evaluating the Real Effect of Bank Branching Deregulation: Comparing Contiguous Counties Across US State BordersJun 2026
• [2007/10] 互联网泡沫，错不在「进得太多」，而在「进得太少」？Was There Too Little Entry During the Dot Com Era?Jun 2026
• [2007/07] 董事会不是越大越好，也不是越独立越好——一份从 IPO 追踪十年的「成长账本」The Determinants of Corporate Board Size and Composition: An Empirical AnalysisJun 2026
• [2006/10] 25 万亿美元都去哪了？——一张关于「在哪里融资」的世界地图World Markets for Raising New CapitalJun 2026
• [2006/05] 为什么有时该「凭空」做空一只股票？——把税收写进多资产的投资账本Tax Management Strategies with Multiple Risky AssetsJun 2026
• [2006/04] 监管能不能「调」走风险？——一桩半路夭折的英国管制改革，留下了一个干净的实验The Impact of Regulation on Market RiskJun 2026
• [2006/02] 新股第一天的滔天成交，到底是谁在交易？Who Trades IPOs? a Close Look at the First Days of TradingJun 2026
• [2006/02] 杠杆这把「刀」，砍向了谁？——多元化公司里被偷偷重新分配的债务约束Leverage and Investment in Diversified FirmsJun 2026
• [2006/01] 公司专机，到底是老板的私心，还是公司的算盘？Are Perks Purely Managerial Excess?Jun 2026
• [2006/01] 把老板和股东「绑」得更紧，他反而少避税了？Corporate Tax Avoidance and High-powered IncentivesJun 2026
• [2006/01] 明知要亏，她还是砸了盘——一场被「做局」做出来的股东起义Crushed by a Rational Stampede: Strategic Share Dumping and Shareholder InsurrectionsJun 2026
• [2006/01] 拆掉财阀，是好事还是坏事？——当「高效」的内部资本市场，偷走了别人的钱Should Business Groups Be Dismantled? the Equilibrium Costs of Efficient Internal Capital MarketsJun 2026
• [2006/01] 把「降级就还钱」写进债券契约：一个让股东自己戴上镣铐的故事Should Corporate Debt Include a Rating Trigger?Jun 2026
• [2006/01] 凸性的诱惑：为什么期权——而不是股票——把高管推向了财务造假The Impact of Performance-based Compensation on MisreportingJun 2026
• [2005/05] 大银行为什么不爱给小店放贷？——一个关于「软信息」的组织故事Does Function Follow Organizational Form? Evidence from the Lending Practices of Large and Small BanksJun 2026
• [2005/05] 市场要多久才「想明白」？——给效率装上一只秒表Evidence on the Speed of Convergence to Market EfficiencyJun 2026
• [2005/05] 同一份期权，老板算的账和股东算的账为什么不一样？Exercise Behavior, Valuation, and the Incentive Effects of Employee Stock OptionsJun 2026
• [2005/05] 监管关上了一扇门，却忘了锁上评级机构那扇窗Informational Effects of Regulation FD: Evidence from Rating AgenciesJun 2026
• [2005/05] 国家不护短的地方，大股东自己当「保镖」Postprivatization Corporate Governance: The Role of Ownership Structure and Investor ProtectionJun 2026
• [2005/05] 死扛亏损的人，为什么没亏钱？——交易池里的「处置效应」迷案Professional Trader Discipline and Trade DispositionJun 2026
• [2005/04] 拍卖桌上量出来的「掏空」：当法律缺席，大股东能拿走一家公司的几成？How Much Value Can Blockholders Tunnel? Evidence from the Bulgarian Mass Privatization AuctionsJun 2026
• [2005/04] 把饼做大，还是把同行的饭碗端走？——一桩横向并购的「三方验尸」Industry Structure and Horizontal Takeovers: Analysis of Wealth Effects on Rivals, Suppliers, and Corporate CustomersJun 2026
• [2005/04] 权力天平倒过来那一年：股东话语权如何反手抬高了并购溢价Let's Make a Deal! How Shareholder Control Impacts Merger PayoffsJun 2026
• [2005/04] 你的股东「等不及」，并购方就敢压价Shareholder Investment Horizons and the Market for Corporate ControlJun 2026
• [2005/04] 员工人手一份期权：到底是激励，还是一场「双向筛选」？Why Do Some Firms Give Stock Options to All Employees?: An Empirical Examination of Alternative TheoriesJun 2026
• [2005/03] 全世界最大的市场，做市商却从不靠「改价」管库存Dealer Behavior and Trading Systems in Foreign Exchange MarketsJun 2026
• [2005/03] 银行没有信息优势，凭什么还活着？——一座连接乐观与悲观的「信念之桥」Financial Intermediation as a Beliefs-bridge Between Optimists and PessimistsJun 2026
• [2005/03] 谁的手指扣在扳机上？——把代理与信息装进实物期权的「等待」里Investment Timing, Agency, and InformationJun 2026
• [2005/03] 一国降级，何以推高了别国的国债利差？News Spillovers in the Sovereign Debt MarketJun 2026
• [2005/03] 套利者的资产负债表，给每只股票标了一个价Short- and Long-term Demand Curves for Stocks: Theory and Evidence on the Dynamics of ArbitrageJun 2026
• [2005/03] 去年股票涨得好，今年的债就更值钱——一条从股市流向债市的「动量暗线」Stock and Bond Market Interaction: Does Momentum Spill over?Jun 2026
• [2005/02] 租来的法律：把股票挂到纽约，真能管住自家的老板吗？Can Foreign Firms Bond Themselves Effectively by Renting U.S. Securities Laws?Jun 2026
• [2005/02] 被「打包」进同一个篮子的股票，就开始一起呼吸了ComovementJun 2026
• [2005/02] 通胀这道暗税，如何写歪了整条利率曲线Inflation Risk Premia and the Expectations HypothesisJun 2026
• [2005/02] 拆开一份研报：当「分析师写了什么」终于被一字一句地数清楚Information Content of Equity Analyst ReportsJun 2026
• [2005/02] 深口袋的价格战：藏在折扣店货架上的「掠夺」指纹Pricing, Exit, and Location Decisions of Firms: Evidence on the Role of Debt and Operating EfficiencyJun 2026
• [2005/02] 买回自己的股票，凭什么有人赚、有人亏？——私下回购的四张面孔The Many Facets of Privately Negotiated Stock RepurchasesJun 2026
• [2005/01] 财报越「干净」，短债越便宜——一段被结构模型漏掉的信用利差Accounting Transparency and the Term Structure of Credit SpreadsJun 2026
• [2005/01] 公司越大，吹牛的人越多——把「抢预算」写成一场信号博弈Integration, Organizational Processes, and Allocation of ResourcesJun 2026
• [2005/01] 贝塔还是特征？——公司债收益里那场被忽略的「站队」The Cross-section of Expected Corporate Bond Returns: Betas or Characteristics?Jun 2026
• [2005/01] 举债，竟是为了「逼」别人把好钱让出来The Effect of External Finance on the Equilibrium Allocation of CapitalJun 2026
• [2005/01] 谁在替这个没有做市商的市场「报价」？The “make or Take” Decision in an Electronic Market: Evidence on the Evolution of LiquidityJun 2026
• [2005/01] 看上去赚翻了的风险投资，其实只是一把彩票The Risk and Return of Venture CapitalJun 2026
• [2005/01] 上市不是终点，是一份你随时可以「赎回」的期权The Timing of Initial Public OfferingsJun 2026
• [2004/12] 高夏普、低波动的对冲基金，藏着一台「收益熨平机」An Econometric Model of Serial Correlation and Illiquidity in Hedge Fund ReturnsJun 2026
• [2004/12] 把股利从消费里「松绑」：一个让股权溢价大了六倍的小裂缝Corporate Earnings and the Equity PremiumJun 2026
• [2004/12] 明明长得一模一样，为什么高频数据能一眼认出「跳跃」？Disentangling Diffusion from JumpsJun 2026
• [2004/12] 想买走一家公司千分之一的股票，得把价格推高百分之一Measuring Stock Illiquidity: An Investigation of the Demand and Supply Schedules at the TASEJun 2026
• [2004/12] 并购的钱，到底是从谁兜里掏出来的？Sources of Gains in Horizontal Mergers: Evidence from Customer, Supplier, and Rival FirmsJun 2026
• [2004/11] 炒掉一个 CEO 之后，公司真的变好了吗——还是只是「运气回来了」Managerial Succession and Firm PerformanceJun 2026
• [2004/11] 钱往哪只「篮子」流，股票就往哪只篮子涨——风格层面的反转与追涨Style Effects in the Cross-section of Stock ReturnsJun 2026
• [2004/11] 并购的版图，画在一国的法律里Cross-country Determinants of Mergers and AcquisitionsJun 2026
• [2004/11] 一月效应背后，是谁在悄悄换仓？Institutional Trading and the Turn-of-the-year EffectJun 2026
• [2004/11] 同一份现金流，两个价格：当「借不到的券」撑开了期权与股票的裂缝Limited Arbitrage and Short Sales Restrictions: Evidence from the Options MarketsJun 2026
• [2004/11] 股利收益率到底能不能预测收益？——当「偏误修正」自己也修过了头Predicting Returns with Financial RatiosJun 2026
• [2004/10] 从「他们投了多少」反推「他们心里的折现率」——一把丈量代理问题的尺子A Revealed Preference Approach to Understanding Corporate Governance Problems: Evidence from CanadaJun 2026
• [2004/10] 数据从没越过那两条线，利率的漂移却「凭空」弯了Conditional Estimation of Diffusion ProcessesJun 2026
• [2004/10] 「华尔街最佳分析师」的金字招牌，到底值不值钱？Do Security Analysts Exhibit Persistent Differences in Stock Picking Ability?Jun 2026
• [2004/10] 财报里那点「虚」，藏在并购方三年后的股价里Earnings Management and the Market Performance of Acquiring FirmsJun 2026
• [2004/10] 刚跨过「大到不能倒」那道线，债主就笑了Gains in Bank Mergers: Evidence from the Bond MarketsJun 2026
• [2004/10] 谁来挑这位「监督者」？——私募折价背后的一桩自我交易The Choice of Equity-selling MechanismsJun 2026
• [2004/10] 借来的「紧箍咒」：当老板的控制权远超他的钱包The Effect of Capital Structure When Expected Agency Costs Are ExtremeJun 2026
• [2004/09] 供给会「变软」的那一刻：不可逆投资如何写出股票的波动节律Asset Prices and Real InvestmentJun 2026
• [2004/09] 银行业的「集中」，为什么反而是一道稳定阀？——德州地产崩盘里的一场自然实验Banking Market Structure and Financial Stability: Evidence from the Texas Real Estate Crisis in the 1980sJun 2026
• [2004/09] 8.3% 里，有一半是替「将来会变天」付的保费Estimating the Market Risk PremiumJun 2026
• [2004/09] 无风险的套利，要等多久才显形？——一把绕开「联合假设」的市场有效性尺子Testing Market Efficiency Using Statistical Arbitrage with Applications to Momentum and Value StrategiesJun 2026
• [2004/09] 财报前夜，分析师只把「好消息」提前漏了出来The Timing and Value of Forecast and Recommendation RevisionsJun 2026
• [2004/09] 老板的工资条，谁说了算？——一笔藏在董事薪酬里的「监督」暗账Who is in Whose Pocket? Director Compensation, Board Independence, and Barriers to Effective MonitoringJun 2026
• [2004/08] 股利忽隐忽现的四十年，竟都写在一个「溢价」里Appearing and Disappearing Dividends: The Link to Catering IncentivesJun 2026
• [2004/08] 赚了 1.1%，却亏掉 3030 亿：并购里那个被「平均」藏起来的规模效应Firm Size and the Gains from AcquisitionsJun 2026
• [2004/08] 「认证」的反面：原来风投把新股「打折」得更狠Grandstanding, Certification and the Underpricing of Venture Capital Backed IPOsJun 2026
• [2004/08] 上市的门，为什么越开越大，进来的公司却越死越快？New Lists: Fundamentals and Survival RatesJun 2026
• [2004/08] 全球化越深，为什么美国公司越不爱「合资」？The Costs of Shared Ownership: Evidence from International Joint VenturesJun 2026
• [2004/08] 你把钱交给高手，又为什么把他的手绑起来？Why Constrain Your Mutual Fund Manager?Jun 2026
• [2004/07] 一封涨价通知里的微观经济学：当一本顶刊开始给「投稿」定价An Increase in Submission Fees, a New Two-Stage Review Process, and Electronic SubmissionsJun 2026
• [2004/07] 奖金，奖的不是「赚到钱」，而是「说了算」CEO Compensation and Incentives: Evidence from M&A BonusesJun 2026
• [2004/07] 你和我手里的股票，为什么会一起「变难卖」——因为我们共用了同一个做市商Common Market Makers and Commonality in LiquidityJun 2026
• [2004/07] 电子交易所，还需要一个「楼上」吗？Does an Electronic Stock Exchange Need an Upstairs Market?Jun 2026
• [2004/07] 给「好经理」配高杠杆：一道把努力、风险与债同时定下来的方程Leverage Decision and Manager Compensation with Choice of Effort and VolatilityJun 2026
• [2004/07] 把「奖金」从工资条上抹掉，基金经理反而更敢赌了？Performance Fee Contract Change and Mutual Fund RiskJun 2026
• [2004/07] 同一块钱的税抵免，凭什么对你值一块、对我值零？The Value of Dividend Imputation Tax Credits in AustraliaJun 2026
• [2004/07] 税盾的价值，并不等于税盾的现值The Value of Tax Shields is NOT Equal to the Present Value of Tax ShieldsJun 2026
• [2004/06] 股利没有消失，它只是「搬」进了二十几家巨头的口袋Are Dividends Disappearing? Dividend Concentration and the Consolidation of EarningsJun 2026
• [2004/06] 一百万股，到底是买还是卖？——订单失衡里那条会反转的预测线Order Imbalance and Individual Stock Returns: Theory and EvidenceJun 2026
• [2004/06] 病了之后，钱该怎么放？——健康，是组合选择里被漏掉的那个变量Portfolio Choice and Health StatusJun 2026
• [2004/06] 增发那一刻，机构是「韭菜」还是「猎手」？Smart Investments by Smart Money: Evidence from Seasoned Equity OfferingsJun 2026
• [2004/06] 把别人的招牌借来用：银行重返承销业的一道「联名」生意The Role of Syndicate Structure in Bank UnderwritingJun 2026
• [2004/06] 「差一点」的除息日：把 tick 缩到一美分，异象为什么还在？Tick Size, NYSE Rule 118, and Ex-dividend Day Stock Price BehaviorJun 2026
• [2004/06] 租一部更严的法律，老板手里的「控制权」就贬值了U.S. Cross-listings and the Private Benefits of Control: Evidence from Dual-class FirmsJun 2026
• [2004/05] 拆掉一家公司，是为了让老板「坐不住」A Theory of Corporate Spin-offsJun 2026
• [2004/05] 正态分布被数据一票否决，你的组合却几乎毫发无伤Data-generating Process Uncertainty: What Difference Does it Make in Portfolio Decisions?Jun 2026
• [2004/05] 收益与风险，到底是「正相关」还是「负相关」？——一道纠缠了二十年的符号谜题On the Relationship Between the Conditional Mean and Volatility of Stock Returns: A Latent VAR ApproachJun 2026
• [2004/05] 资本市场的冷暖，是怎样写进一家初创公司估值里的The Effect of Capital Market Characteristics on the Value of Start-up FirmsJun 2026
• [2004/05] 利率更低，反而更可疑——一张意大利信贷账本里的「政治分红」The Effects of Government Ownership on Bank LendingJun 2026
• [2004/05] 估的时候用一把尺，量的时候换另一把——损失函数如何「偷偷」改写了你的期权模型The Importance of the Loss Function in Option ValuationJun 2026
• [2004/04] 银行的「信息」，凭什么是一道护城河？——当外资来了，本地银行手里反而只剩下「坏客户」Information and Bank Credit AllocationJun 2026
• [2004/04] 炒一个分公司经理，比炒一个 CEO 容易在哪？Management Turnover in Subsidiaries of Conglomerates Versus Stand-alone FirmsJun 2026
• [2004/04] 做市商的价差里，藏着一份「到期日不确定」的期权Modeling the Bid/ask Spread: Measuring the Inventory-holding PremiumJun 2026
• [2004/04] 既要贴合今天，又要会呼吸：把利率波动率藏进看不见的潜变量Modeling the Term Structure of Interest Rates: A New ApproachJun 2026
• [2004/04] 把「卖不掉」当成一道门槛：私募股权为什么主动给自己上锁The Illiquidity Puzzle: Theory and Evidence from Private EquityJun 2026
• [2004/04] 并购为什么总扎堆在好年景？——一道把「等待」算进期权的题The Timing and Terms of Mergers Motivated by Economies of ScaleJun 2026
• [2004/03] 同一年里既借钱又发股：一把拆开「盈利—杠杆之谜」的钥匙Determinants of Target Capital Structure: The Case of Dual Debt and Equity IssuesJun 2026
• [2004/03] 拆开来看，钱才流到对的地方——用「分拆」给内部资本市场做一次活体解剖Internal Capital Markets and Investment Policy: Evidence from Corporate SpinoffsJun 2026
• [2004/03] 银行的资产不是「看不懂」，只是「没意思」Market Evidence on the Opaqueness of Banking Firms’ AssetsJun 2026
• [2004/03] 赢家要赢得「稳」：把过去收益拆成连续性、符号与季节Predicting Stock Price Movements from Past Returns: The Role of Consistency and Tax-loss SellingJun 2026
• [2004/03] 内幕交易者进场那一刻，做市商收起的不是价差，而是「深度」The Impact of Illegal Insider Trading in Dealer and Specialist Markets: Evidence from a Natural ExperimentJun 2026
• [2004/02] 把公司绑在一起，不是为了协同，而是为了「赖账」Bailout and ConglomerationJun 2026
• [2004/02] 危机是一台显影液：把「公司治理」从内生性里冲洗出来Corporate Governance and Firm Value: Evidence from the Korean Financial CrisisJun 2026
• [2004/02] 说好了「保护股东」，怎么反手把股价绞死了？——死亡螺旋可转债的两副面孔Death Spiral ConvertiblesJun 2026
• [2004/02] 外资能买的股票，为什么更「抖」？——把「可投资度」拆到每一只个股Investibility and Return VolatilityJun 2026
• [2004/02] 动量利润的「纸面富贵」：当赚钱的股票，恰好是最难交易的那批The Illusory Nature of Momentum ProfitsJun 2026
• [2004/02] 把股票挂到纽约，老板就少偷一点——一个关于「绑定」的估值故事Why Are Foreign Firms Listed in the U.S. Worth More?Jun 2026
• [2004/01] 财报里灌进去的水，最后变成了一张传票Earnings Management, Stock Issues, and Shareholder LawsuitsJun 2026
• [2004/01] 新股定价，到底「有没有效率」？——一桩关于显著性的旧公案Is the IPO Pricing Process Efficient?Jun 2026
• [2004/01] 把好处摆上桌，员工却不肯伸手——法国电信的一堂行为金融公开课Selling Company Shares to Reluctant Employees: France Telecom's ExperienceJun 2026
• [2004/01] 年底甩亏损，转身又买回：芬兰账本里那条「洗售」的暗线Tax-loss Trading and Wash SalesJun 2026
• [2004/01] 蝗灾买不到保险，却可以「打包卖给华尔街」——但你敢买吗？The Basis Risk of Catastrophic-loss Index SecuritiesJun 2026
• [2004/01] 老板不看股价，股价却替他重新分了钱The Impact of Stock Market Information Production on Internal Resource AllocationJun 2026
• [2004/01] 把「跳跃、波动、杠杆」三件事，交给一只会变速的钟Time-changed Lévy Processes and Option PricingJun 2026
• [2003/12] 银行的边界，画在「谁说了算」这条线上Boundaries of the Firm: Evidence from the Banking IndustryJun 2026
• [2003/12] 宗教没写进合同，却写进了债权人的权利Culture, Openness, and FinanceJun 2026
• [2003/12] 公司到底用衍生品对冲了多少风险？——一把「故意往大了算」的尺子，量出了一个尴尬的小数How Much Do Firms Hedge with Derivatives?Jun 2026
• [2003/12] 盯着漂移看了十年，真正说了算的却是波动率Likelihood-based Specification Analysis of Continuous-time Models of the Short-term Interest RateJun 2026
• [2003/12] 报价，是邀请，还是暗号？——拆开 NYSE 之外那张「成交成本」的账单Quote-based Competition and Trade Execution Costs in NYSE-listed StocksJun 2026
• [2003/12] 贵的股票，是一种可以花出去的货币——重读「市场驱动的并购」Stock Market Driven AcquisitionsJun 2026
• [2003/11] 卖了一半的国企：当国家始终是那个「最大的股东」China Share Issue Privatization: The Extent of Its SuccessJun 2026
• [2003/11] 法律是行李，风土是地基——一篇用 70 个殖民地拆解金融起源的论文Law, Endowments, and FinanceJun 2026
• [2003/11] 新闻里那条「坏消息」，市场为什么总要慢半拍才信？Stock Price Reaction to News and No-news: Drift and Reversal After HeadlinesJun 2026
• [2003/11] 公司发长债的那一刻，已经替你预言了债市的明天The Maturity of Debt Issues and Predictable Variation in Bond ReturnsJun 2026
• [2003/10] 拆开，是为了把「不一样」分开——多元化折价里那笔被分拆验证的账Divisional Diversity and the Conglomerate Discount: Evidence from SpinoffsJun 2026
• [2003/10] 最后一笔交易，落在了谁手里？——机构订单在「另类市场」省下的那几十个基点Institutional Trading and Alternative Trading SystemsJun 2026
• [2003/10] 一年的钱，为什么只在冬天才赚？The Calendar Structure of Risk and Expected Returns on Stocks and BondsJun 2026
• [2003/10] 信用最差的公司，到底去哪儿借钱？The Choice Among Bank Debt, Non-bank Private Debt, and Public Debt: Evidence from New Corporate BorrowingsJun 2026
• [2003/09] 「分手费」到底是锁门的链条，还是请客的请柬？Breaking up is Hard to Do? an Analysis of Termination Fee Provisions and Merger OutcomesJun 2026
• [2003/09] 股票是一份「打包套餐」，期权才是那把拆包的刀Dynamic Derivative StrategiesJun 2026
• [2003/09] 财报里的「水分」，原来是大股东在为自己打掩护Earnings Management and Investor Protection: An International ComparisonJun 2026
• [2003/09] 卷末那一页：从一份「索引」里，读出 2003 年的金融学在想什么Index Volume 69Jun 2026
• [2003/09] 分手费，到底是给股东上锁，还是替股东撑腰？Termination Fees in Mergers and AcquisitionsJun 2026
• [2003/08] 「老经纪人」到底偷没偷你的单？——一场对期货池里 101 个人的逐一审讯An Examination of Own Account Trading by Dual Traders in Futures MarketsJun 2026
• [2003/08] 无风险的钱没人捡，是因为捡它的人也会怕——重读「套利风险」与价值溢价Arbitrage Risk and the Book-to-market AnomalyJun 2026
• [2003/08] 折价，是发行人替「最后一分钟」付的一笔信息费Discounting and Underpricing in Seasoned Equity OffersJun 2026
• [2003/08] 长一百万通用、空一百万福特，我还算「长」吗？Do Dealer Firms Manage Inventory on a Stock-by-stock or a Portfolio Basis?Jun 2026
• [2003/07] 新股「打折」，原来是为了把外人挡在门外Control as a Motivation for Underpricing: A Comparison of Dual and Single-class IPOsJun 2026
• [2003/07] 破产就拍卖、CEO 就下岗——可正是这条「硬规矩」，让他提前收起了赌性Control Benefits and CEO Discipline in Automatic Bankruptcy AuctionsJun 2026
• [2003/07] 给濒死的公司放贷，是助纣为虐，还是雪中送炭？Debtor-in-possession Financing and Bankruptcy Resolution: Empirical EvidenceJun 2026
• [2003/07] 给「水下」期权重新定价，到底是老板在赖着不走，还是公司在自救？Executive Stock Option Repricing, Internal Governance Mechanisms, and Management TurnoverJun 2026
• [2003/07] 金融结构与增长之谜：把『国家制度』乘进『产业基因』里Finance, Investment, and GrowthJun 2026
• [2003/07] 把董事会剥到只剩'看门狗'：一间叫封闭式基金的治理实验室Governance and Boards of Directors in Closed-end Investment CompaniesJun 2026
• [2003/07] 八行标题：一张目录，如何画下 2003 年公司治理的全景Special Issue Contents PageJun 2026
• [2003/07] 丢一个董事会席位的代价：当「看门人」自己也怕被收购Takeover Bids and Target Directors’ Incentives: The Impact of a Bid on Directors’ Wealth and Board SeatsJun 2026
• [2003/07] 金融发展会「倒退」吗？——一段被遗忘的二十世纪金融史The Great Reversals: The Politics of Financial Development in the Twentieth CenturyJun 2026
• [2003/06] 收盘价到底准不准？——一道用「股票们齐不齐心」量出来的市场质量A Closing Call's Impact on Market Quality at Euronext ParisJun 2026
• [2003/06] 一页夹在顶刊里的广告：当尘封的「过刊」第一次被标上价格Advert: Backfiles Economics and BusinessJun 2026
• [2003/06] 衰退里，谁先「松手」抢市场？——一笔债，如何改写产品市场的胜负Capital Structure and Product Markets Interactions: Evidence from Business CyclesJun 2026
• [2003/06] 八个名字撑起的一页：从 2003 年 JFE 的编委名单里，读出一门学科的隐秘版图Editorial Board>Jun 2026
• [2003/06] 为你的订单付钱，结果你却付了更多Payment for Order FlowJun 2026
• [2003/06] 把「钱留在桌上」当成一笔广告费——新股折价的另一种算法The Marketing Role of IPOs: Evidence from Internet StocksJun 2026
• [2003/06] 同一家公司，两种股票，两个价格——控制权的价钱，写在一国的法律里The Value of Corporate Voting Rights and Control: A Cross-country AnalysisJun 2026
• [2003/05] 老板的「名声」，藏在他工资条里那根弦的松紧上CEO Reputation and Stock-based CompensationJun 2026
• [2003/05] 亏了十年，钱去哪了？——危机之前，韩国公司治理的一笔暗账Corporate Governance and Firm Profitability: Evidence from Korea Before the Economic CrisisJun 2026
• [2003/05] 家族不会一走了之，所以债主睡得更安稳Founding Family Ownership and the Agency Cost of DebtJun 2026
• [2003/05] 回归用得越「长」，越容易看见根本不存在的东西Long-horizon Regressions: Theoretical Results and ApplicationsJun 2026
• [2003/05] 被「贴上同一个标签」的股票，就开始一起涨跌Style InvestingJun 2026
• [2003/04] 新股开盘那天的「滔天」成交，到底是谁在卖？Allocation of Initial Public Offerings and Flipping ActivityJun 2026
• [2003/04] 12% 的「免费午餐」，为什么端到你面前就凉了？Allocations, Adverse Selection, and Cascades in IPOs: Evidence from the Tel Aviv Stock ExchangeJun 2026
• [2003/04] 一张过期二十多年的征稿启事：当「公司治理」还在忙着给自己划地盘Call for Papers: Corporate GovernanceJun 2026
• [2003/04] 衰退里，公司反而更爱借钱——一道被「融资约束」掰成两半的杠杆周期Capital Structure Choice: Macroeconomic Conditions and Financial ConstraintsJun 2026
• [2003/04] HML 和 SMB 到底是什么？——它们其实在替「明年的 GDP」打工News Related to Future GDP Growth as a Risk Factor in Equity ReturnsJun 2026
• [2003/04] 用脚投票：被炒掉的 CEO 背后，是谁先悄悄离场Voting with Their Feet: Institutional Ownership Changes Around Forced CEO TurnoverJun 2026
• [2003/03] 公司随时都可能倒下，期权定价却只盯着还债那一天A Barrier Option Framework for Corporate Security ValuationJun 2026
• [2003/03] 一纸征稿启事，半部「等待」的经济学——从 2003 年的一页空白处，读实物期权Call for Papers Review of Financial EconomicsJun 2026
• [2003/03] 一篇 JFE 论文，只有一句话——而它纠正的，是「谁先说的」Corrigendum to “Equilibrium and Welfare in Markets with Financially Constrained Arbitrageurs” [j. Financial Economics 66 (2002) 361]Jun 2026
• [2003/03] 市场一冷，控制权就拱手让人：融资周期如何写进一纸联盟合同Do Equity Financing Cycles Matter? Evidence from Biotechnology AlliancesJun 2026
• [2003/03] 纸面上的百万富翁：一只「卖不掉」的股票，到底值多少钱？Paper Millionaires: How Valuable is Stock to a Stockholder Who is Restricted from Selling it?Jun 2026
• [2003/03] 5 分钟的数据，到底比一天的数据贵多少钱？The Economic Value of Volatility Timing Using “realized” VolatilityJun 2026
• [2003/03] 把期权定价从「一步一挪」解放出来：QUAD 与积分的胜利Universal Option Valuation Using Quadrature MethodsJun 2026
• [2003/02] 资本管制这道帘子，是为谁拉上的？Cronyism and Capital Controls: Evidence from MalaysiaJun 2026
• [2003/02] 官越大，工资条里的「赌注」就越重Executive Rank, Pay and Project SelectionJun 2026
• [2003/02] 8000 只基金，只有 400 个家族：当「跑赢大盘」不再是唯一的玩法How Do Family Strategies Affect Fund Performance? When Performance-maximization is Not the Only Game in TownJun 2026
• [2003/02] 啄食顺序理论的滑铁卢：当「该发债」的公司，偏偏去发了股Testing the Pecking Order Theory of Capital StructureJun 2026
• [2003/02] 回购，是股东偷偷向政府借的一笔无息贷款The Personal-tax Advantages of EquityJun 2026
• [2003/01] 长期投资者的『天书』：把动态资产配置解成一组会做回归的方程A Multivariate Model of Strategic Asset AllocationJun 2026
• [2003/01] 招股书里那本「公开的暗账」：内部人如何把卖股票的坏消息藏起来Concealing and Confounding Adverse Signals: Insider Wealth-maximizing Behavior in the IPO ProcessJun 2026
• [2003/01] 银行成片倒下，公司却几乎毫发无伤——挪威危机里的一个反常识Firms and Their Distressed Banks: Lessons from the Norwegian Banking CrisisJun 2026
• [2003/01] 把过去标价上架：一页夹在顶刊里的「数字考古」启事Publishers Note: Economics Journals Archive on Science DirectJun 2026
• [2003/01] 并购的钱从哪儿来：当一笔银行贷款替收购方做了「背书」Valuation Effects of Bank Financing in AcquisitionsJun 2026
• [2003/01] 新股的潮汐：为什么有的年份挤破头上市，有的年份门可罗雀？Why Does IPO Volume Fluctuate so Much?Jun 2026
• [2002/11] 被「请」出市场的悲观者，藏在持股人数里Breadth of Ownership and Stock ReturnsJun 2026
• [2002/11] 无风险的套利，为什么会反过来害了所有人？Equilibrium and Welfare in Markets with Financially Constrained ArbitrageursJun 2026
• [2002/11] 贵过所有人心里的价：一张「借不到的券」如何把价格顶上天Securities Lending, Shorting, and PricingJun 2026
• [2002/11] 想做空，得先借到那张股票——一份 1926 年的借券账本，照出了「贵」的代价Short-sale Constraints and Stock ReturnsJun 2026
• [2002/11] 一页目录，八篇论文：「套利」被正式写上「有限」二字的那一年Special Issue ContentsJun 2026
• [2002/11] 「特殊」的不只是国债：一份借券账本，替做空策略算了笔真账Stocks Are Special Too: An Analysis of the Equity Lending MarketJun 2026
• [2002/11] 无风险的钱就在眼前，他们却宁愿再等等——「同步风险」与被推迟的套利Synchronization Risk and Delayed ArbitrageJun 2026
• [2002/11] 利差明明在收敛，利润却归零：一笔被 repo 悄悄吃掉的「免费午餐」The Bond/old-bond SpreadJun 2026
• [2002/11] 做空之前，你得先借到那张股票The Market for Borrowing StockJun 2026
• [2002/11] 机构真的更聪明吗？——把一笔买卖拆成「基本面」和「情绪」两半来看Who Underreacts to Cash-flow News? Evidence from Trading Between Individuals and InstitutionsJun 2026
• [2002/10] 投稿、追踪、上架：一页 2002 年的广告，记下了学术写作「搬上网」的那一天Advert: Author GatewayJun 2026
• [2002/10] 目录也是一种产品：一封 2002 年的邮件，替你「订阅」了未来Advert: Contents DirectJun 2026
• [2002/10] 夹在顶刊里的一页书单：从一则 2001 年的银行业研究广告，看一门学科的心事Advert: Research in BankingJun 2026
• [2002/10] 1,200 种期刊塞进一个搜索框：一页 2002 年的广告，记下了知识“上架”的那一刻Advert: Science DirectJun 2026
• [2002/10] 同样是风险，为什么只有「自家的」那一份压住了老板的激励？CEO Compensation, Diversification, and IncentivesJun 2026
• [2002/10] 把法律写成一个「被抓的概率」：投资者保护如何长出一国的股市Investor Protection and Equity MarketsJun 2026
• [2002/10] 把股票挂到纽约，是为了给小股东一份『不会被偷』的承诺Protection of Minority Shareholder Interests, Cross-listings in the United States, and Subsequent Equity OfferingsJun 2026
• [2002/10] 新股「打折」那点钱，原来是老板留给六个月后的自己Strategic IPO Underpricing, Information Momentum, and Lockup Expiration SellingJun 2026
• [2002/10] 做市商越合并越少，你的成交反而更便宜了——可这真是合并的功劳吗？The Impact of Specialist Firm Acquisitions on Market QualityJun 2026
• [2002/09] 英国人发债、德国人找银行，真的重要吗？Funding Growth in Bank-based and Market-based Financial Systems: Evidence from Firm-level DataJun 2026
• [2002/09] 新股「打折」，到底是不是在给将来的官司买保险？Litigation Risk and IPO UnderpricingJun 2026
• [2002/09] 价格反应，从「分钟」缩短到「秒」——当分析师的话被搬上电视直播Market Efficiency in Real TimeJun 2026
• [2002/09] 被告知是随机游走，他们还是忍不住预测下一步Predicting the Next Step of a Random Walk: Experimental Evidence of Regime-shifting BeliefsJun 2026
• [2002/09] 谁才是这家公司真正的主人？——把欧洲 5232 家公司的控制权一层层剥到底The Ultimate Ownership of Western European CorporationsJun 2026
• [2002/08] 基金经理偷偷换了仓，你的「业绩尺子」就量错了Conditional Performance Measurement Using Portfolio Weights: Evidence for Pension FundsJun 2026
• [2002/08] 改革的公文盖了章，市场却还没「开门」——怎样给一国的金融开放找出真正的生效日Dating the Integration of World Equity MarketsJun 2026
• [2002/08] 新股配售：是『偏心』，还是『有用的偏心』？IPO Allocations: Discriminatory or Discretionary?Jun 2026
• [2002/08] 蝗灾不算系统性风险，凭什么卖得这么贵？Pricing and Capital Allocation in Catastrophe InsuranceJun 2026
• [2002/07] 新股「打折」的真正理由，不是让你说真话，而是先让你肯掏钱Building the IPO Order Book: Underpricing and Participation Limits with Costly InformationJun 2026
• [2002/07] 挂单要等多久才成交？——别再用「股价碰一下」来糊弄自己Econometric Models of Limit-order ExecutionsJun 2026
• [2002/07] 两个手滑的减号，差点把「投票联盟」钉成了坏人Erratum to “Governance with Poor Investor Protection: Evidence from Top Executive Turnover in Italy”: [Journal of Financial Economics 64 (2002) 61–90]Jun 2026
• [2002/07] 一百万股成交，到底是买，还是卖？——订单失衡里的市场密码Order Imbalance, Liquidity, and Market ReturnsJun 2026
• [2002/07] 利率的漂移，到底有没有「拐弯」？——一把叫『局部时间』的尺子，重审一桩旧公案Short-term Interest Rate Dynamics: A Spatial ApproachJun 2026
• [2002/07] 免费的流动性，账单却寄给了「不交易的人」The Dilution Impact of Daily Fund Flows on Open-end Mutual FundsJun 2026
• [2002/06] 从一张期权报价单里，读出投资者今天有多怕Empirical Pricing KernelsJun 2026
• [2002/06] 把炒股的「超市」搬到家门口：交易翻了一倍，钱却没多赚一分How Does the Internet Affect Trading? Evidence from Investor Behavior in 401(k) PlansJun 2026
• [2002/06] 强制老板多持股，公司真的会变好吗？Performance Consequences of Mandatory Increases in Executive Stock OwnershipJun 2026
• [2002/06] 该信哪一个预测变量？——把「不知道用哪个模型」算进价格里Stock Return Predictability and Model UncertaintyJun 2026
• [2002/06] 把几摊生意「打包」进一张财报，外人反而更猜得准？Firm Diversification and Asymmetric Information: Evidence from Analysts’ Forecasts and Earnings AnnouncementsJul 2002
• [2002/05] 危机是一面照妖镜：当「好公司」和「坏公司」第一次被分开称重A Cross-firm Analysis of the Impact of Corporate Governance on the East Asian Financial CrisisJun 2026
• [2002/05] 协同效应，是嫁妆还是软肋？——一个关于战略投资者的理论A Theory of Strategic Venture InvestingJun 2026
• [2002/05] 英国人发债、德国人找银行，真的决定了谁长得更快吗？Industry Growth and Capital Allocation:: Does Having a Market- or Bank-based System Matter?Jun 2026
• [2002/05] 利差明明该收敛，价格却「多收」了一笔：从德国回购市场读懂 specialnessLiquidity Risk and SpecialnessJun 2026
• [2002/05] 银行受了伤，谁替它疼？——一场韩国银行业危机里的「关系」估价The Value of Durable Bank Relationships: Evidence from Korean Banking ShocksJun 2026
• [2002/04] 现金只有 330 万，却烧了六年：一家「明星公司」是怎样靠『卖家底』续命的Asset Liquidity, Debt Covenants, and Managerial Discretion in Financial Distress:: The Collapse of L.A. GearJun 2026
• [2002/04] 想卖的不是它，能卖的才是它——资产的「流动性」如何决定一家公司拆掉哪块业务Divestitures and the Liquidity of the Market for Corporate AssetsJun 2026
• [2002/04] 谁来炒掉老板？——当法律不管事，意大利公司里那场无声的权力制衡Governance with Poor Investor Protection: Evidence from Top Executive Turnover in ItalyJun 2026
• [2002/04] 把『成长机会』拧成一个旋钮：冷战落幕，如何重写了军工厂的资产负债表Growth Opportunities and Corporate Debt Policy: The Case of the U.S. Defense IndustryJun 2026
• [2002/04] 无风险的钱没人捡，因为捡钱的人手太短——并购套利里的「有限套利」Limited Arbitrage in Mergers and AcquisitionsJun 2026
• [2002/03] 你以为分散了风险，可一到崩盘那天，它们全抱成了团Asymmetric Correlations of Equity PortfoliosJun 2026
• [2002/03] 你看见的收益，和你留得住的收益，不是同一个数字Do After-tax Returns Affect Mutual Fund Inflows?Jun 2026
• [2002/03] 利率曲线给你的「预言」总是反的——一桩三十年的旧公案，与替它翻案的仿射模型Expectation Puzzles, Time-varying Risk Premia, and Affine Models of the Term StructureJun 2026
• [2002/03] 买主动基金，可能恰恰是因为你不相信经理有本事Investing in Equity Mutual FundsJun 2026
• [2002/03] 「不相干」的资产，凭什么能把基金的 alpha 算得更准？Mutual Fund Performance and Seemingly Unrelated AssetsJun 2026
• [2002/02] 货币危机，其实是从公司的资产负债表里长出来的Corporate Leverage and Currency CrisesJun 2026
• [2002/02] 保险之外的那笔存款，正在替监管者盯着银行Depositor Discipline and Changing Strategies for Regulating Thrift InstitutionsJun 2026
• [2002/02] 先专一，再试水，最后才多元——「多元化折价」的另一种解法Resources, Real Options, and Corporate StrategyJun 2026
• [2002/02] 写不出来的似然函数，就让它自己「跑」一遍Simulated Likelihood Estimation of Diffusions with an Application to Exchange Rate Dynamics in Incomplete MarketsJun 2026
• [2002/02] 当「回购」不再是回购：公司买回股票，到底为了谁？When a Buyback Isn’t a Buyback: Open Market Repurchases and Employee OptionsJun 2026
• [2002/01] 「替你盯着老板」的人，自己也是个老板Agents Watching Agents?: Evidence from Pension Fund Ownership and Firm ValueJun 2026
• [2002/01] 三分之二的基金都允许炒衍生品——这到底是放虎归山，还是精打细算？Contracting in the Investment Management Industry:: Evidence from Mutual FundsJun 2026
• [2002/01] 多元化到底毁不毁价值？——用「行业冲击」把内生性逼到墙角Does Diversification Destroy Value? Evidence from the Industry ShocksJun 2026
• [2002/01] 外资股票的价差更宽，可那不是宰客——它在替逆向选择买单Liquidity Provision and Specialist Trading in NYSE-listed Non-U.S. StocksJun 2026
• [2002/01] 期权的『微笑』里，藏着投资者对崩盘的恐惧The Jump-risk Premia Implicit in Options: Evidence from an Integrated Time-series StudyJun 2026
• [2001/12] 银行家坐进董事会：是来盯梢的，还是来惹官司的？Bankers on Boards:: Monitoring, Conflicts of Interest, and Lender LiabilityJun 2026
• [2001/12] 租来的法律，凭什么让公司更值钱？Does Delaware Law Improve Firm Value?Jun 2026
• [2001/12] 经理人主动给自己「绑上业绩」，股东为什么没有反对？Linking Pay to Performance—compensation Proposals in the S&P 500Jun 2026
• [2001/12] 国会想给天价高管降薪，结果亲手抬高了它Pay for Performance? Government Regulation and the Structure of Compensation ContractsJun 2026
• [2001/12] 横着看天差地别，竖着看几乎不动——固定效应为什么测不出持股与业绩Understanding the Determinants of Managerial Ownership and the Link Between Ownership and Performance: CommentJun 2026
• [2001/11] 供给会「变软」的经济学：当投资再也收不回来An Equilibrium Model of Irreversible InvestmentJun 2026
• [2001/11] 套利者亏了钱，于是他和噪声交易者站到了一起Convergence Trading with Wealth Effects: An Amplification Mechanism in Financial MarketsJun 2026
• [2001/11] 一把丈量所有定价模型的尺子——HJ 距离，与它照出的『过得了今天、过不了明天』Evaluating the Specification Errors of Asset Pricing ModelsJun 2026
• [2001/11] 8.2% 还是 57.3%？——同一个市场，两把尺子量出两种因子Extracting Factors from Heteroskedastic Asset ReturnsJun 2026
• [2001/11] 最会择时的高手，换一把月度的尺子就「消失」了The Performance of Professional Market Timers: Daily Evidence from Executed StrategiesJun 2026
• [2001/10] 多一个因子，百慕大期权就更值钱吗？——一场关于「校准」的祛魅Factor Dependence of Bermudan Swaptions: Fact or Fiction?Jun 2026
• [2001/10] 如果价值与规模溢价，只是长期投资者在『对冲未来』？Portfolio Choice and Equity Characteristics: Characterizing the Hedging Demands Induced by Return PredictabilityJun 2026
• [2001/10] 把套利偷偷放大一点点：一个连接「无套利」与「效用最大化」的定价框架Pricing and Hedging in Incomplete MarketsJun 2026
• [2001/10] 新股「打折」不是吃亏，是投行替你卖了一份看跌期权The Optimal Spread and Offering Price for Underwritten SecuritiesJun 2026
• [2001/10] 扔掉十亿美元：当你用错了一把尺子去决定『何时行权』Throwing Away a Billion Dollars: The Cost of Suboptimal Exercise Strategies in the Swaptions MarketJun 2026
• [2001/09] 好项目反而拿不到钱：当经理「既会吹牛、又会偷懒」Capital Budgeting and Compensation with Asymmetric Information and Moral HazardJun 2026
• [2001/09] 一个被「1」吃掉的减号，差点把整篇论文的结论说反了Erratum To:‘The Option to Withdraw IPOs During the Premarket: Empirical Analysis’: [Journal of Financial Economics 60 (2001) 73–102]Jun 2026
• [2001/09] 谁先开口，谁就是领头羊：给分析师排名的一把新尺子Following the Leader:: A Study of Individual Analysts’ Earnings ForecastsJun 2026
• [2001/09] 暴跌从不打招呼，但它会先在成交量里留下脚印Forecasting Crashes: Trading Volume, Past Returns, and Conditional Skewness in Stock PricesJun 2026
• [2001/09] 买回股票的那一天，老板比谁都先知道Managerial Timing and Corporate Liquidity:: Evidence from Actual Share RepurchasesJun 2026
• [2001/09] 关系越久，越想说再见——一份挪威银行关系的「生存分析」The Duration of Bank RelationshipsJun 2026
• [2001/08] 给「水下」的期权重新定价，到底是老板在自肥，还是公司在救火？An Examination of Executive Stock Option RepricingJun 2026
• [2001/08] 资产越「好卖」，公司反而越借不到钱——除非你把它锁进契约里Asset Liquidity, Capital Structure, and Secured DebtJun 2026
• [2001/08] 把行权价往下调一调：一份警告信，还是一次精明的融资？Discretionary Reductions in Warrant Exercise PricesJun 2026
• [2001/08] 谁的单子在悄悄推着股价走？Stealth-trading: Which Traders’ Trades Move Stock Prices?Jun 2026
• [2001/08] 人手一份期权，到底是激励，还是公司缺钱的暗号？Stock Option Plans for Non-executive EmployeesJun 2026
• [2001/07] 并购毁了股东的钱，却肥了老板的薪——银行兼并浪潮里的一笔私人账CEO Compensation and Bank MergersJun 2026
• [2001/07] 同一个行业里，每家公司的『工资—业绩』曲线都长得不一样Firm Performance and Executive Compensation in the Savings and Loan IndustryJun 2026
• [2001/07] 发股票，不是「稀释」，而是请人来替你查账Information Production, Dilution Costs, and Optimal Security DesignJun 2026
• [2001/07] 做空的人，到底在赌什么？——一份藏在「基本面比率」里的答案Short-sellers, Fundamental Analysis, and Stock ReturnsJun 2026
• [2001/07] 把'看不见的波动率'变成一张可以直接称重的表The Distribution of Realized Stock Return VolatilityJun 2026
• [2001/05] 威胁要「全赎回」，债主该不该信？Bond Calls, Credible Commitment, and Equity Dilution: A Theoretical and Clinical Analysis of Simultaneous Tender and Call (STAC) OffersJun 2026
• [2001/05] 一家公司，买了自己股票的看涨期权Cephalon, Inc. Taking Risk Management Theory SeriouslyJun 2026
• [2001/05] 用黄金还债：一家垃圾评级公司，如何把对冲「焊」进了债券里Credit Enhancement Through Financial Engineering: Freeport McMoRan's Gold-denominated Depositary SharesJun 2026
• [2001/05] 金融学的工具箱里，那把几乎没人用的「锉刀」HBS-JFE Conference Volume: Complementary Research MethodsJun 2026
• [2001/05] 对冲，不是一道选择题，而是一台『内部汇率』机器Managing Foreign Exchange Risk with DerivativesJun 2026
• [2001/05] 把股票拆成一支球队：当『公开信息』只在闭市时降临Market Reaction to Public Information: The Atypical Case of the Boston CelticsJun 2026
• [2001/05] 一场官司，被「切」下来单独挂牌——一只证券如何替市场给诉讼定了价The Information Content of Litigation Participation Securities: The Case of CalFed BancorpJun 2026
• [2001/05] 理论说该先保「大灾」，可没人这么买——一桩巨灾再保险市场的临床解剖The Market for Catastrophe Risk: A Clinical ExaminationJun 2026
• [2001/05] 把 CFO 们叫来对一次答案：理论说该这么做，他们真的这么做了吗？The Theory and Practice of Corporate Finance: Evidence from the FieldJun 2026
• [2001/05] 并购到底创没创造价值？——把老板心里那本账翻给你看Where Do Merger Gains Come from? Bank Mergers from the Perspective of Insiders and OutsidersJun 2026
• [2001/05] 客户为什么「跳槽」？——新股上市三年后，三成公司换掉了它的投行Why Do Firms Switch Underwriters?Jun 2026
• [2001/04] 老板手里那把期权，正在悄悄把股利换成回购Corporate Payout Policy and Managerial Stock IncentivesJun 2026
• [2001/04] 消失的股利：是公司变了，还是人心变了？Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay?Jun 2026
• [2001/04] 「锁门」的并购：当一道把对手关在门外的期权，反而替股东赚了钱Locking Out Rival Bidders: The Use of Lockup Options in Corporate MergersJun 2026
• [2001/04] 二把手为什么走人？——给 CFO 的去留做一次大样本体检On the Choice and Replacement of Chief Financial OfficersJun 2026
• [2001/04] 新股「打折」的另一半秘密：因为它随时可以掉头就走The Option to Withdraw IPOs During the Premarket: Empirical AnalysisJun 2026
• [2001/03] 股票的『齐涨齐跌』，到底是从订单簿里长出来的吗？Common Factors in Prices, Order Flows, and LiquidityJun 2026
• [2001/03] 「外资偏好」是个伪命题——他们只是机构而已Direct Foreign Ownership, Institutional Investors, and Firm CharacteristicsJun 2026
• [2001/03] 新股发行费为什么总是不多不少的 7%？Do Investment Banks Compete in IPOs?: The Advent of the “7% Plus Contract”Jun 2026
• [2001/03] 离互联网公司最近的那群人，真信它被高估了吗？Do the Individuals Closest to Internet Firms Believe They Are OvervaluedJun 2026
• [2001/03] 汇率砸下来，砸疼谁？要看对面站着谁Exchange Rate Exposure and Competition: Evidence from the Automotive IndustryJun 2026
• [2001/03] 举债之后，钱不再追着「机会」走，而是追着「现金」走Leverage and Internal Capital Markets: Evidence from Leveraged RecapitalizationsJun 2026
• [2001/03] 利率曲线的「反常」，其实藏在最短的那两年里Predictable Changes in Yields and Forward RatesJun 2026
• [2001/02] 新闻里都说『基金一进场，股市就涨』——可这话只对了一天Aggregate Price Effects of Institutional Trading: A Study of Mutual Fund Flow and Market ReturnsJun 2026
• [2001/02] 价差变窄了，机构却付得更多——一场关于「最小报价单位」的反转Sixteenths: Direct Evidence on Institutional Execution CostsJun 2026
• [2001/02] 把并购拆成两个维度：什么样的银行合并，才真的创造价值？Stockholder Gains from Focusing Versus Diversifying Bank MergersJun 2026
• [2001/02] 外资是「追涨」的，但真正可怕的是他们「赖着不走」The Portfolio Flows of International InvestorsJun 2026
• [2001/01] 同一只债券，凭什么有人多拿五倍？——把「要挟」写进期权定价Pricing the Strategic Value of Putable Securities in Liquidity CrisesJun 2026
• [2001/01] 不是市场太激动，是股东舍不得交税——长期反转的一种「理性」解法The Capital Gain Lock-in Effect and Long-horizon Return ReversalJun 2026
• [2001/01] 债，是用来「逼」老板的——可如果有人替你盯着，还需要逼吗？The Structure of Debt and Active Equity Investors: The Case of the Buyout SpecialistJun 2026
• [2001/01] 成交越「忽冷忽热」，收益反而越低——一个把作者自己都吓到的结果Trading Activity and Expected Stock ReturnsJun 2026
• [1999/03] 「操纵」从来没被证明：一部证券法的政治起源The Stock Pools and the Securities Exchange Act1I Thank Two Anonymous Referees, the Editor, William Schwert, and George Benston, Mary Anne Case, Robert Conroy, Mike Dooley, Stuart Gilson, Bruce Johnsen, Ed Kitch, Julia Mahoney, Ed McCafferey, Roberta Romano, Jeff Strnad, Steve Thel, Mark Weinstein, and Workshop Participants at the University of Virginia School of Law, the University of Southern California Law School, Stanford Law School, New York University Law School, and the American Law and Economics Association for Helpful Comments and Discussion. the University of Virginia Bankard Fund for Political Economy Provided Financial Assistance.1Jun 2026
• [1997/02] 银行为什么不肯承认坏账？——一笔「准备金」如何泄露了整个行业的秘密Information and Contagion Effects of Bank Loan-loss Reserve AnnouncementsJun 2026
• [1995/10] 一张 1995 年的会议海报，藏着一门学科的「操作系统」AnnouncementJun 2026
• [1995/03] 外资买美国公司，真的出价更高吗？——一道被「行业」搅浑的老问题Does the Market React Differently to Domestic and Foreign Takeover Announcements? Evidence from the U.S. Chemical and Retail IndustriesJun 2026
• [1994/12] 一张 1994 年的「上船通知」：金融机器学习的史前史，写在莫塞尔河上5th International Workshop on Parallel Applications in Statistics and Economics Ånonlinear Data Analysis«: Trier/Mainz, Germany, August 29–September 2, 1995Jun 2026
• [1994/12] 近百个名字，撑起两卷顶刊：一张 1994 年的「评审账本」Editorial Collaborators Volumes 35 and 36Jun 2026
• [1994/12] 打赢一场官司，白得一笔钱——公司会怎么花？What Do Firms Do with Cash Windfalls?Jun 2026
• [1994/12] 把养老金当成一道「经营杠杆」题来做Cash Flow Variability and Firm's Pension Choice: A Role for Operating LeverageJun 1994
• [1994/12] 差一年就翻身：一家垃圾债保险公司，怎样被新闻「挤」死在谷底The Collapse of First Executive Corporation Junk Bonds, Adverse Publicity, and the ‘run on the Bank’ PhenomenonJun 1994
• [1994/10] 股价一跌，银行家就坐进了董事会——一张日本公司治理的「监督」清单Appointments of Outsiders to Japanese Boards: Determinants and Implications for ManagersJun 2026
• [1994/10] 九倍的债，没人逼，他偏要借——一家公司如何用杠杆「逼」自己脱胎换骨Financial Policy, Internal Control, and Performance Sealed Air Corporation's Leveraged Special DividendJun 2026
• [1994/10] 把老板当成人质：日本财团里那台「会换挡」的治理机器The Governance Structure of the Japanese Financial KeiretsuJun 2026
• [1994/10] 同样借到 90% 的债，为什么一家公司「脱胎换骨」，另一家只是「勒紧裤腰」？Organizational Form and the Consequences of Highly Leveraged Transactions: Kroger's Recapitalization and Safeway's LBOJun 1994
• [1994/08] 你分散到全世界，到底分散掉的是「行业」还是「国家」？Does Industrial Structure Explain the Benefits of International Diversification?Jun 2026
• [1994/08] 没人交易的那一天，股价照样在动Information, Trading, and VolatilityJun 2026
• [1994/08] 镜子碎了：当「加杠杆」和「去杠杆」说的根本不是同一件事The Nature of Information Conveyed by Pure Capital Structure ChangesJun 2026
• [1994/08] 同一只股票，外国人偏要多付一成——泰国「外资板」里的市场分割Foreign Ownership Restrictions and Stock Prices in the Thai Capital MarketSep 1994
• [1994/08] 「拒绝」太多，还是「相信」太少：GMM 在小样本里的两副面孔Finite Sample Properties of the Generalized Method of Moments in Tests of Conditional Asset Pricing ModelsJun 1994
• [1994/06] 破产之外的那条暗路：为什么「庭外和解」反而肯多给股东一笔钱A Comparison of Financial Recontracting in Distressed Exchanges and Chapter 11 ReorganizationsJun 2026
• [1994/06] 全世界最贵的「免提」：当外汇做市商也要为库存付钱Bid-ask Spreads in the Interbank Foreign Exchange MarketsJun 2026
• [1994/06] 董事会里坐着谁，决定了一颗「毒丸」是解药还是毒药Outside Directors and the Adoption of Poison PillsJun 2026
• [1994/06] 你盯着的那个「买卖价差」，有一半是假的Posted Versus Effective Spreads: Good Prices or Bad Quotes?Jun 2026
• [1994/06] 上市不上市，风投在等市场的最高点Venture Capitalists and the Decision to Go PublicJun 2026
• [1994/04] 开盘头十分钟之后，新股就「不动」了——因为有人在替它托底Aftermarket Support and Underpricing of Initial Public OfferingsJun 2026
• [1994/04] 保单持有人会用脚投票——一场寿险业的「无声挤兑」如何写进了别人的股价Announcements of Asset-quality Problems and Contagion Effects in the Life Insurance IndustryJun 2026
• [1994/04] 一纸诉状，凭空蒸发 2100 万——官司里被「财务困境」偷走的钱The Costs of Inefficient Bargaining and Financial Distress: Evidence from Corporate LawsuitsJun 2026
• [1994/04] 为什么把国企「白送」反而是更聪明的选择？Voucher PrivatizationJun 2026
• [1994/04] 选模型，其实是在选一条波动率曲线——六个 HJM 利率期权模型的一场对账Implied Volatility Functions in Arbitrage-free Term Structure ModelsJun 1994
• [1994/02] 老板该不该抵抗收购？答案写在他自己的股票里How Managerial Wealth Affects the Tender Offer ProcessJun 2026
• [1994/02] 国债拍卖桌上的两种恐惧：赢家的诅咒，与输家的噩梦Markups, Quantity Risk, and Bidding Strategies at Treasury Coupon AuctionsJun 1994
• [1993/12] 大多数单子都很小，可推动股价的，是那些'不大不小'的Stealth Trading and Volatility: Which Trades Move Prices?Jun 2026
• [1993/12] 风险溢价真的永远为正吗？——一个把「不等式」搬进资产定价检验的新办法Is the Ex Ante Risk Premium Always Positive?: A New Approach to Testing Conditional Asset Pricing ModelsSep 1993
• [1993/12] 部分明明是随机的，整体却能被预测——一桩组合自相关的悬案Portfolio Return AutocorrelationSep 1993
• [1993/12] 高负债的日本公司，反而买到了更好的美国资产The International Market for Corporate Control: Mergers and Acquisitions of U.S. Firms by Japanese FirmsSep 1993
• [1993/12] 流动性溢价，原来只在一月里兑现The Seasonal Behavior of the Liquidity Premium in Asset PricingJun 1993
• [1993/10] 新股「打折」，到底是不是发行人留给将来的一封投名状？An Empirical Investigation of IPO Returns and Subsequent Equity OfferingsJun 2026
• [1993/10] 托住新股的那只手，藏在买卖价差里Price Stabilization in the Market for New IssuesJun 2026
• [1993/10] 新股的『欲扬先抑』：定价区间里藏着的一把收益尺The Underpricing of Initial Public Offerings and the Partial Adjustment PhenomenonJun 2026
• [1993/10] 新股「打折」的钱，到底进了谁的口袋？——一份芬兰配售账本里的赢家诅咒The Winner's Curse, Legal Liability, and the Long-run Price Performance of Initial Public Offerings in FinlandJun 2026
• [1993/10] 新股「打折」之谜，也许根本就不存在——是有人把那条负收益的尾巴按平了Underwriter Price Support and the IPO Underpricing PuzzleJun 2026
• [1993/10] 一次只给一半：新股里的认股权证，是「甜头」还是镣铐？Unit Initial Public Offerings: A Form of Staged FinancingJun 2026
• [1993/08] 杠杆，是逼公司「快点动手」的那根鞭子Capital Structure and Firm Response to Poor Performance: An Empirical AnalysisJun 2026
• [1993/08] 一场被「外人」点燃的股东起义：1989 年霍尼韦尔的代理权之争Corporate Governance Through the Proxy Process: Evidence from the 1989 Honeywell Proxy SolicitationJun 2026
• [1993/08] 同一笔互换，AAA 报得贵、A 报得便宜——信用评级是怎么钻进报价里的Interest Rate Swaps: An Empirical InvestigationJun 2026
• [1993/08] 成本是一道还没揭晓的谜题：当不确定性藏在「花多少钱」而不是「赚多少钱」里Investments of Uncertain CostJun 2026
• [1993/08] 美国股市是全世界最好的市场——但「最好」这两个字，藏着一笔没人记的账The Hidden Costs of Stock Market LiquidityJun 2026
• [1993/06] 一台照搬美国的拍卖机器，和它在 1990 年的那次「换挡」An Empirical Study of the Mexican Treasury Bill AuctionJun 2026
• [1993/06] 大股东不开门：封闭式基金的折价，原来是「私利」的影子Private Benefits from Block Ownership and Discounts on Closed-end FundsJun 2026
• [1993/06] 拆完公司，钱在三年后才显形——而它只发给被收购的那一半Restructuring Through Spinoffs: The Stock Market EvidenceJun 2026
• [1993/06] 一本顶刊，把自己活成了一道供求曲线The Journal of Financial Economics: A Retrospective Evaluation (1974–1991)Jun 2026
• [1993/04] 同一份数据，两个结论：当『分析师本来就会调低预测』这件事被忽略了A Reexamination of Analysts' Earnings Forecasts for Takeover TargetsJun 2026
• [1993/04] 机构买卖股票，价格只动了「八分钱」——而买和卖，根本不是一回事Institutional Trades and Intraday Stock Price BehaviorJun 2026
• [1993/04] 纳斯达克跑输的那 6%，是「市场结构」，还是塞满了新股？NYSE vs NASDAQ Returns: Market Microstructure or the Poor Performance of Initial Public Offerings?Jun 2026
• [1993/04] 新股增发，凭什么不一定是坏消息？Positive Information from Equity Issue AnnouncementsJun 2026
• [1993/04] 把『沙子』撒进股市的齿轮：瑞典交易税的一场天然实验Transaction Taxes and the Behavior of the Swedish Stock MarketJun 2026
• [1993/02] 反转策略的钱，到底是「捡来的」还是「赚来的」？Another Look at Time-varying Risk and Return in a Long-horizon Contrarian StrategyJun 2026
• [1993/02] 五个因子，一张网：股票和债券原来在听同一段话Common Risk Factors in the Returns on Stocks and BondsJun 2026
• [1993/02] 纳斯达克的收益里藏着「假阳性」——一篇给事件研究挑尺子的论文Measuring Security Price Performance Using Daily NASDAQ ReturnsJun 2026
• [1993/02] 你卖掉了股票，却还攥着那张选票Trading Volume, Management Solicitation, and Shareholder VotingJun 2026
• [1993/02] 同一份股权，给银行是好消息，给散户却是坏消息The Information Content of Distressed Restructurings Involving Public and Private Debt ClaimsJun 1993
• [1992/12] 便宜的方法没人用：一桩「配股悖论」与它背后的逆向选择Adverse Selection and the Rights Offer ParadoxJun 2026
• [1992/12] 利率碰到「零」那一刻，债券到底值多少钱？Multiple Equilibria and Term Structure ModelsJun 2026
• [1992/12] 一把钥匙开五把锁：投资机会集如何串起公司的融资、分红与薪酬The Investment Opportunity Set and Corporate Financing, Dividend, and Compensation PoliciesJun 2026
• [1992/12] 漂亮的闭式解，解的却是另一道题——一桩利率模型的边界条件公案Corrections and Additions to ‘a Nonlinear Equilibrium Model of the Term Structure of Interest Rates’Dec 1992
• [1992/12] 十分位的迷信：分组检验里那个被忽略的 27%Research Design Issues in Grouping-based TestsSep 1992
• [1992/10] 董事会里坐着谁，决定了一次收购值多少钱——但「独立」也会过头Do Outside Directors Monitor Managers?: Evidence from Tender Offer BidsJun 2026
• [1992/10] 美国股市的风险溢价，原来一半要看东京的脸色Global Financial Markets and the Risk Premium on U.S. EquityJun 2026
• [1992/10] 三个『股市指标』，竟能预测黄金和大豆的价格Time-varying Risk Premia and Forecastable Returns in Futures MarketsJun 2026
• [1992/10] 付钱的「形状」：一纸投行合同，如何写进了一场收购的结局Does the Form of Compensation Matter?: Investment Banker Fee Contracts in Tender OffersJan 1992
• [1992/08] 一家公司倒下，同行是陪葬，还是分食者？Contagion and Competitive Intra-industry Effects of Bankruptcy Announcements: An Empirical AnalysisJun 2026
• [1992/08] 走后门的股票：可转债为什么是一种「不好意思直接增发」的融资Convertible Bonds as Backdoor Equity FinancingJun 2026
• [1992/08] 一家银行去发股票，凭什么别家银行也跟着跌？Informational Externalities of Seasoned Equity Issues: Differences Between Banks and Industrial FirmsJun 2026
• [1992/08] 把『投票权』和『钱』拆开来卖：员工持股计划里的一道控制权暗账Managerial Vote Ownership and Shareholder Wealth: Evidence from Employee Stock Ownership PlansJun 2026
• [1992/08] 机构投资者真是「蝗虫」吗？——一份养老金账本里的羊群检验The Impact of Institutional Trading on Stock PricesJun 2026
• [1992/08] 「专家做市商」凭什么特别？——一段长久的关系，如何驯服了信息不对称What's Special About the Specialist?Sep 1992
• [1992/06] 新股的『免费午餐』，为什么到了 REIT 这桌就变成了账单？Initial Public Offerings of Equity Securities: Anomalous Evidence Using REITsJun 2026
• [1992/06] 没有消息，就是好消息——一个让股市「怕涨更怕跌」的波动率模型No News is Good News: An Asymmetric Model of Changing Volatility in Stock ReturnsJun 2026
• [1992/06] 价格只跳「八分之一」，但它背后藏着一条连续的影子An Ordered Probit Analysis of Transaction Stock PricesDec 1992
• [1992/04] 并购真能让银行变好吗？——一笔用「会计账本」算出来的合并红利Changes in Corporate Performance Associated with Bank AcquisitionsJun 2026
• [1992/04] 并购到底有没有创造价值？别问股价，去翻它们的现金流账本Does Corporate Performance Improve After Mergers?Jun 2026
• [1992/04] 「输家会翻身」这件事，究竟是市场犯傻，还是我们量错了风险？Measuring Abnormal Performance: Do Stocks Overreact?Jun 2026
• [1992/04] 股价的『过度波动』，也许只是我们没读懂它对股利的预期Stock Return Variation and Expected Dividends: A Time-series and Cross-sectional AnalysisJun 2026
• [1992/04] 同一个赎回，两种跌法——可它跟「是股是债」没关系Underwriting Calls of Convertible Securities: A NoteJun 2026
• [1992/01] 银行凭什么少收你利息？因为有别人替它盯着你Contract Costs, Bank Loans, and the Cross-monitoring HypothesisJun 2026
• [1992/01] 波动率可以预测，却赚不到钱——一桩关于市场有效性的「无罪判决」Market Volatility Prediction and the Efficiency of the S & P 100 Index Option MarketJun 2026
• [1992/01] 政府的『甩卖』：当一家倒闭储贷社的接盘人，悄悄赚走了纳税人的钱Regulation, Competition, and Abnormal Returns in the Market for Failed ThriftsJun 2026
• [1992/01] 四十亿美元，是怎样被一部法律「立」没的State Intervention in the Market for Corporate Control: The Case of Pennsylvania Senate Bill 1310Jun 2026
• [1992/01] 「股神」Value Line 的秘密，原来早就写在财报里The Relation Between the Value Line Enigma and Post-earnings-announcement DriftJun 2026
• [1992/01] 十个不等号的审判：当 t 值说『不单调』，联合检验却说『证据不足』The Monotonicity of the Term Premium: Another LookJun 1992
• [1991/12] 监管这把「保护伞」下面，藏着一座合谋的金矿Deregulation, Contestability, and Airline AcquisitionsJun 2026
• [1991/12] 你的 t 值在撒谎：当事件本身把方差吹大了Event-study Methodology Under Conditions of Event-induced VarianceJun 2026
• [1991/12] 一场「早有预告」的财报，为什么反而让价格波澜不惊？Market Reaction to Anticipated AnnouncementsJun 2026
• [1991/12] 他说『没人能收购我』——可最后管住他的，是几家有线电视台Monitoring an Owner: The Case of Turner BroadcastingJun 2026
• [1991/12] 赌的不是球，是「定义」——一篇把市场有效性检验做强的论文The Degree of Inefficiency in the Football Betting Market: Statistical TestsJun 2026
• [1991/12] 先卖出一份贵得离谱的汇率「保单」，再转身把风险甩给银行Corporate Issues of Foreign Currency Exchange Warrants: A Case Study of Financial Innovation and Risk ManagementSep 1991
• [1991/11] 一笔订单推动了价格，可它说的究竟是哪种话？A Bayesian Model of Intraday Specialist PricingJun 2026
• [1991/11] 照抄邻国的那份石油合同，把激励算错了A Case Study in the Design of an Optimal Production Sharing Rule for a Petroleum Exploration VentureJun 2026
• [1991/11] 卖掉一家铁路公司：当「最高价」反而不是最好的方法Choosing the Method of Sale: A Clinical Study of ConrailJun 2026
• [1991/11] 没有无风险资产的世界里，怎样给「市场组合有没有效」下判决Small Sample Tests of Portfolio EfficiencyJun 2026
• [1991/11] 把所有人都拉下水：一场钢铁业大裁员里，公司政策如何为「逼工会让步」而合谋Union Negotiations and Corporate Policy: A Study of Labor Concessions in the Domestic Steel Industry During the 1980sJun 2026
• [1991/11] 市场为什么对「反收购条款」无动于衷？——因为它早就猜到了Voting Power in the Proxy Process: The Case of Antitakeover Charter AmendmentsJun 2026
• [1991/11] 三只到期日相同的国债，中间那只为什么总是偏便宜一点点Tax Options and the Pricing of Treasury Bond Triplets: Theory and EvidenceDec 1991
• [1991/10] 现金多的公司去并购，市场为什么先扣分？A Test of the Free Cash Flow Hypothesis: The Case of Bidder ReturnsJun 2026
• [1991/10] 同一只股票，自己跟自己「对着干」，凑在一起却又「步调一致」Components of Short-horizon Individual Security ReturnsJun 2026
• [1991/10] 你今天多吃的那一口，是为明天「上瘾」，还是替明天「省下」？Habit Persistence and Durability in Aggregate Consumption: Empirical TestsJun 2026
• [1991/10] 被「保护」起来的沉默：一部 1956 年的证券法，如何亲手掐灭了股东的声音Proxy Voting and the SEC: Investor Protection Versus Market EfficiencyJun 2026
• [1991/10] LBO 到底是「速战速决」还是「从此私有」？——一份关于「私有化能撑多久」的体检报告The Staying Power of Leveraged BuyoutsJun 2026
• [1991/10] 日本股价'太高了'吗？——半部账本算得清，另一半算不清Were Japanese Stock Prices Too High?Jun 2026
• [1991/03] 向上的收益率曲线，到底在预言通胀，还是在预言利率？A Multicountry Comparison of Term-structure Forecasts at Long HorizonsJun 2026
• [1991/03] 把公司「跑垮」当筹码：股东如何在谈判桌上逼债主让步Opportunistic Underinvestment in Debt Renegotiation and Capital StructureJun 2026
• [1991/03] 四分之三的人不在场：股权溢价之谜，错在我们把消费「平均」了The Consumption of Stockholders and NonstockholdersJun 2026
• [1991/03] 并购方跑输的那几年，错的不是公司，是尺子The Postmerger Share-price Performance of Acquiring FirmsJun 2026
• [1991/03] 增发当天没「打折」，可放够一个月却赚了——一桩被忽略的定价之谜The Pricing of Equity OfferingsJun 2026
• [1991/03] 投行的「隐形薪水」：藏在认股权证里的那笔超额报酬Underwriter Warrants, Underwriter Compensation, and the Costs of Going PublicJun 2026
• [1991/03] 花钱请投行替你赎债，市场为什么反而扣你两个点？Underwritten Calls of Convertible BondsJun 2026
• [1991/03] 给期权定价换一把「万能钥匙」：当所有扩散过程都能折回布朗运动A Unified Method for Pricing Options on Diffusion ProcessesDec 1991
• [1990/11] 把新股卖给两种人：当监管夺走了承销商「看人下菜」的权利A Comparative Analysis of IPO Proceeds Under Alternative Regulatory EnvironmentsJun 2026
• [1990/11] 一张「换股票」的债券，为什么发行人毫发无伤，被换的人却先跌了？An Analysis of Exchangeable Debt OffersJun 2026
• [1990/11] 拒绝信里的秘密：一笔没借成的款，如何替新股「定了价」Borrowing Relationships, Intermediation, and the Cost of Issuing Public SecuritiesJun 2026
• [1990/11] 买在除息前，卖在除息后：一桩把「税」和「价差」搅在一起的把戏Dividend Capture in NASDAQ StocksJun 2026
• [1990/11] 华尔街那张「一亿美元」的账单，被人翻开了底牌Investment-banking Contracts in Tender Offers: An Empirical AnalysisJun 2026
• [1990/11] 两个交易所，谁的「流动性」更便宜？——一场从月度收益里反推出的较量Market Microstructure and Asset Pricing: An Empirical Investigation of NYSE and NASDAQ SecuritiesJun 2026
• [1990/11] 「不能拒绝」就等于「支持」吗？——给套利定价理论换一把尺子Posterior, Predictive, and Utility-based Approaches to Testing the Arbitrage Pricing TheoryJun 2026
• [1990/11] 价格反转，到底是市场看走了眼，还是尺子本身有刻度误差？Price Reversals: Bid-ask Errors or Market Overreaction?Jun 2026
• [1990/11] 他们花了六千万美元，却没拦住自己市值蒸发 7%Wealth Effects of Regulatory Reform: The Reaction to California's Proposition 103Jun 2026
• [1990/11] 不分红的股票，到底该比谁都贵，还是比谁都贱？Dividend Yield and Expected Returns: The Zero-dividend PuzzleDec 1990
• [1990/10] 老板该持多少股？——一条先升后降的公司价值曲线Additional Evidence on Equity Ownership and Corporate ValueJun 2026
• [1990/10] 违约那天，谁悄悄接管了这家公司？Bankruptcy, Boards, Banks, and Blockholders: Evidence on Changes in Corporate Ownership and Control When Firms DefaultJun 2026
• [1990/10] 破产真正的代价，不是律师费，而是被偷走的优先权Bankruptcy Resolution: Direct Costs and Violation of Priority of ClaimsJun 2026
• [1990/10] 把投票权和钱包分开来谈：一家公司为什么选 recap 而不是 LBOConsolidating Corporate Control: Dual-class Recapitalizations Versus Leveraged BuyoutsJun 2026
• [1990/10] 三篇顶刊论文，一位律师，和一句『信息量其实很小』Corporate Governance Through Statistical EyesJun 2026
• [1990/10] 「为员工好」还是「为自己好」？——一个 ESOP 的两副面孔ESOPs and Corporate ControlJun 2026
• [1990/10] 债，不只是用来还的——它逼着一家公司重新想清楚自己该怎么活Financial Distress, Reorganization, and Organizational EfficiencyJun 2026
• [1990/10] 拍卖能把东西卖到最高价，可破产偏偏不用拍卖Is Corporate Bankruptcy Efficient?Jun 2026
• [1990/10] 好经理的名声，是用别人家的董事会席位记账的Outside Directorships and Corporate PerformanceJun 2026
• [1990/10] 招股书掀开的那道帘子：风险投资家究竟是「监工」还是「大股东」The Role of Venture Capital in the Creation of Public Companies: Evidence from the Going-public ProcessJun 2026
• [1990/10] 把钱分成好几笔给你——风险投资如何驯服「不确定」The Structure and Governance of Venture-capital OrganizationsJun 2026
• [1990/10] 庭外那条路：为什么有的公司能绕开破产法庭，有的不能Troubled Debt Restructurings: An Empirical Study of Private Reorganization of Firms in DefaultJun 2026
• [1990/09] 杠杆买断那 42% 的溢价，到底是谁掏的钱？Consequences of Leveraged BuyoutsJun 2026
• [1990/09] 买断之后，效率从哪儿来？——58 家公司换了主人之后的现金流Corporate Ownership Structure and Performance: The Case of Management BuyoutsJun 2026
• [1990/09] 拆掉一家公司，能从工人工资里省出那笔「收购溢价」吗？Do Union Wealth Concessions Explain Takeover Premiums?: The Evidence on Contract WagesJun 2026
• [1990/09] 杠杆买断里，债主到底亏没亏？答案藏在契约的几行小字里Event Risk, Covenants, and Bondholder Returns in Leveraged BuyoutsJun 2026
• [1990/09] 他们借了九成的债，可股票却几乎没变得更危险How Risky is the Debt in Highly Leveraged Transactions?Jun 2026
• [1990/09] 同一道难题，两套金融系统：日本的银行为什么既当债主又当股东Institutional Investment Patterns and Corporate Financial Behavior in the United States and JapanJun 2026
• [1990/09] 全美最大的钱袋子，凭什么不能当老板？Political and Legal Restraints on Ownership and Control of Public CompaniesJun 2026
• [1990/09] 美国不信任她的资本家：一篇把『政治』写进公司治理的檄文Subordination of American CapitalJun 2026
• [1990/09] 杠杆买断之后，工厂里到底发生了什么？The Effects of Leveraged Buyouts on Productivity and Related Aspects of Firm BehaviorJun 2026
• [1990/09] 困境企业的『靠山』：为什么有主银行的日本公司摔得更轻The Role of Banks in Reducing the Costs of Financial Distress in JapanJun 2026
• [1990/09] 没有野蛮人敲门，一家公司也能自己拆掉自己Voluntary Restructuring: The Case of General MillsDec 1990
• [1990/08] 市场真的「目光短浅」吗？——一份 1990 年的 R&D 公告答卷Corporate Research and Development Expenditures and Share ValueJun 2026
• [1990/08] 老板亲手挑的「监督者」，市场为什么还肯买账？Outside Directors, Board Independence, and Shareholder WealthJun 2026
• [1990/08] 关掉一家亏损的工厂，本该是好消息——可股价为什么先跌了？Plant-closing Decisions and the Market Value of the FirmJun 2026
• [1990/08] 九十重积分，只为问一句：市场组合到底有没有效Bayesian Inference in Asset Pricing TestsDec 1990
• [1990/08] 股利涨了，谁鼓掌更响？——把「信息」和「收益率」从同一则公告里拆开Dividend Clienteles and the Information Content of Dividend ChangesSep 1990
• [1990/08] 一个税务漏洞，如何让「发债」变成了好消息The Role of Financial Innovation in Raising Capital Evidence from Deep Discount Debt OffersSep 1990
• [1990/07] 监管者能撤销的坏消息，市场就当它没发生过Information Effects in Financial Distress: The Case of Seabrook StationJun 2026
• [1990/07] 老板为什么总想多投资？——一笔债，替股东管住了他的手Managerial Discretion and Optimal Financing PoliciesJun 2026
• [1990/07] 不换概率，换计价单位：被遗忘三十年的「计价组合」The Numeraire PortfolioJun 2026
• [1990/07] 价格在第几笔交易里「认输」？——大宗交易的临时与永久冲击Large-block Transactions, the Speed of Response, and Temporary and Permanent Stock-price EffectsSep 1990
• [1990/07] 章程把比价钉死在 60∶40，市场却偏偏不认账The Seemingly Anomalous Price Behavior of Royal Dutch/Shell and Unilever N.V./PLCJun 1990
• [1989/12] 破产的那一天，公司其实更值钱了Campeau's Acquisition of Federated: Value Destroyed or Value AddedJun 2026
• [1989/12] 样本明明很大，独立信息却少得可怜——重读「长期收益」检验里的渐近幻觉Drawing Inferences from Statistics Based on Multiyear Asset ReturnsJun 2026
• [1989/12] 三卷顶刊背后那张没人署名的名单Editorial Collaborators: Journal of Financial Economics - Volumes 23, 24, and 25Jun 2026
• [1989/12] 抄一个新产品几乎不要钱，为什么发明它的投行还是赢了？Financial Innovation and First-mover AdvantagesJun 2026
• [1989/12] 默认那天，谁悄悄丢了乌纱帽Management Turnover and Financial DistressJun 2026
• [1989/12] 老板手里那点选票，到底拦不拦得住门口的野蛮人？Managers' Voting Rights and Corporate ControlJun 2026
• [1989/12] 九成是债，他们却把公司「逼」成了一台现金机器Organizational Changes and Value Creation in Leveraged Buyouts: The Case of the O.M. Scott & Sons CompanyJun 2026
• [1989/12] 换股还债，股价为什么跌？答案藏在分析师调低的预测里The Information Content of Equity-for-debt Swaps: An Investigation of Analyst Forecasts of Firm Cash FlowsDec 1989
• [1989/12] 控制权的私房钱：一笔大宗股权交易里溢出来的 20%Private Benefits from Control of Public CorporationsSep 1989
• [1989/12] 「保护」股东的法律，怎么先砸了股东的钱？The Wealth Effects of Second-generation State Takeover LegislationJun 1989
• [1989/11] 波动来袭，股市为什么不涨反跌？——一锅会「换挡」的混合正态，加上一点学习A Markov Model of Heteroskedasticity, Risk, and Learning in the Stock MarketJun 2026
• [1989/11] 强经济里收益反而低：把股票和债券的预期收益，绑回同一条商业周期Business Conditions and Expected Returns on Stocks and BondsJun 2026
• [1989/11] 银行的「特别」，不在你借钱那天，而在它续不续约那天Further Evidence on the Bank Lending Process and the Capital-market Response to Bank Loan AgreementsJun 2026
• [1989/11] 老板把公司的钱，花成了自己的护城河Management Entrenchment: The Case of Manager-specific InvestmentsJun 2026
• [1989/11] 「输家翻身」之谜：真相不是市场犯傻，而是 beta 偷偷换了脸Nonstationary Expected Returns: Implications for Tests of Market Efficiency and Serial Correlation in ReturnsJun 2026
• [1989/11] 你以为赚到的那 9%，可能只是收盘价从买价挪到了卖价Trading Patterns, Bid-ask Spreads, and Estimated Security Returns: The Case of Common Stocks at Calendar Turning PointsJun 2026
• [1989/11] 把藏在要约里的那张看跌期权，拿出来卖Share Repurchase Through Transferable Put Rights: Theory and Case StudyDec 1989
• [1989/09] 把承销商和发行人变成同一个人，新股还会打折吗？A Simple Test of Baron's Model of IPO UnderpricingJun 2026
• [1989/09] 一本顶刊为什么要专门开一个『讲个案』的栏目Clinical Papers and Their Role in the Development of Financial EconomicsJun 2026
• [1989/09] 期限溢价的另一半秘密：藏在消费、产出与利率的「波动」里Consumption Volatility, Production Volatility, Spot-rate Volatility, and the Returns on Treasury Bills and BondsJun 2026
• [1989/09] 派息上涨，市场到底在为谁鼓掌？Dividend Announcements: Cash Flow Signalling vs. Free Cash Flow Hypothesis?Jun 2026
• [1989/09] 把公司「拆」成合伙制：一桩 1980 年代的避税实验，与股价给出的判决Equity Valuation Effects of Forming Master Limited PartnershipsJun 2026
• [1989/09] 并购的真正赢家：把好经理和坏经理放进同一道乘法里Managerial Performance, Tobin's Q, and the Gains from Successful Tender OffersJun 2026
• [1989/09] 一家你永远卖不掉股票的公司，会变成什么样？Organizational Form, Share Transferability, and Firm Performance: Evidence from the ANCSA CorporationsJun 2026
• [1989/09] 波动率不是一个数字，而是一根会被拽回家的弹簧Stock-price Volatility, Mean-reverting Diffusion, and NoiseJun 2026
• [1989/09] 崩盘的前夜：一份税案，如何在 1987 年 10 月推倒了多米诺骨牌Triggering the 1987 Stock Market Crash: Antitakeover Provisions in the Proposed House Ways and Means Tax Bill?Jun 2026
• [1989/09] 公司把承销外包给了股东，两位教授顺手赚走了 42 万美元Decentralized Investment Banking: The Case of Discount Dividend-reinvestment and Stock-purchase PlansJul 1989
• [1989/08] 「不必看见市场组合」就能检验 CAPM？——一桩被自家数据反将一军的方法论公案A Critique of Latent Variable Tests of Asset Pricing ModelsJun 2026
• [1989/08] 27% 的「免费午餐」，为什么你永远只能抢到那盘凉的？A Direct Test of Rock's Model of the Pricing of Unseasoned IssuesJun 2026
• [1989/08] 收益率曲线为什么总是「太规矩」？——给利率添上第二个平方根A Nonlinear General Equilibrium Model of the Term Structure of Interest RatesJun 2026
• [1989/08] 把收益拆成名次：一把不信「正态」的事件研究尺子A Nonparametric Test for Abnormal Security-price Performance in Event StudiesJun 2026
• [1989/08] 目标公司拿走了一切，可那场涨价真是法律的功劳吗？Shareholder Wealth Effects of Corporate Takeovers: The U.K. Experience 1955–1985Jun 2026
• [1989/08] 新加坡的期货，东京的股票：一道跨国界的「便宜」之谜The Behavior of Prices in the Nikkei Spot and Futures MarketJun 2026
• [1989/08] 「行权」这道送分题，为什么还有人交白卷？Trader Rationality in the Exercise of Futures OptionsJun 2026
• [1989/08] 迟迟不肯赎回的可转债，原来是在等你「懒得换股」Voluntary Conversion of Convertible Securities and the Optimal Call StrategyJun 2026
• [1989/08] 好公司为什么自愿把新股『贱卖』给你？Signalling by Underpricing in the IPO MarketDec 1989
• [1989/06] 期权上市那天，股票反而「安静」了Options Markets and Stock Return VolatilityJun 2026
• [1989/06] 输掉了董事会选举，却照样把老板赶下了台Proxy Contests and the Governance of Publicly Held CorporationsJun 2026
• [1989/06] 并购的真正诱因，藏在目标公司的税表里Tax Attributes as Determinants of Shareholder Gains in Corporate AcquisitionsJun 2026
• [1989/06] 溢价为什么在 1974 年翻了一倍：一条藏在「供给曲线」里的暗线The Rise in Takeover Premiums: An Exploratory StudyJun 2026
• [1989/06] 换一把尺子量 beta，「小公司之谜」就消失了The Relation Between the Return Interval and Betas: Implications for the Size EffectJun 1989