Review of Financial Studies (RFS)

• [2026/03] 谁在持有这张债券，决定了它的价格Institutional Corporate Bond PricingMay 2026
• [2008/04] 「距离已死」？可在市政债的承销桌上，离得近反而更便宜Distance Still Matters: Evidence from Municipal Bond UnderwritingJun 2026
• [2008/04] 为什么「上市后跌跌不休」可能是一道算术题？Endogenous Events and Long-Run ReturnsJun 2026
• [2008/04] 波动率到底藏在哪里？——一篇被「换了把尺子」就翻案的利率期限结构论文Identifying Term Structure Volatility from the LIBOR-Swap CurveJun 2026
• [2008/04] 把股票挂到美国去，交易真的会跟过去吗？Where is the Market? Evidence from Cross-Listings in the United StatesJun 2026
• [2008/01] 把利率曲线拆成三个人：稳态、习惯、与期待A Dynamic Model for the Forward CurveJun 2026
• [2008/01] 上市之后，分析师的「彩虹屁」到底值不值钱？——泡沫年代的一份证据Analyst Behavior Following IPOs: The “Bubble Period” EvidenceJun 2026
• [2008/01] 谁被挡在股市门外，并不重要——重看「有限参与」对股权溢价的真实贡献Asset Pricing with Limited Risk Sharing and Heterogeneous AgentsJun 2026
• [2008/01] 泡沫这个词，为什么能让一位资深教授拍案而起？Bubbles: Some Perspectives (and Loose Talk) from HistoryJun 2026
• [2008/01] 定价核的「测谎仪」，为什么要请进期权？Conditioning Information and Variance Bounds on Pricing Kernels with Higher- Order Moments: Theory and EvidenceJun 2026
• [2008/01] 会动的 beta：基金经理的「择时本事」，是真的，还是统计模型替他造出来的？Estimating the Dynamics of Mutual Fund Alphas and BetasJun 2026
• [2008/01] 情绪会给「微笑」加多少弧度？——把投资者情绪写进期权价格Investor Sentiment and Option PricesJun 2026
• [2008/01] 利率会不会「拐弯」？——一个被换了把尺子量出来的老问题Is Nonlinear Drift Implied by the Short End of the Term Structure?Jun 2026
• [2008/01] 通胀降了，房价为什么疯了？——一场藏在「月供」里的货币幻觉Money Illusion and Housing FrenziesJun 2026
• [2008/01] 高薪不是火上浇油，反而是泡沫里的灭火器Mutual Funds and Bubbles: The Surprising Role of Contractual IncentivesJun 2026
• [2008/01] 怕的不是亏钱，是「跟大家一起穷」——理性人如何亲手吹起一个泡沫Relative Wealth Concerns and Financial BubblesJun 2026
• [2008/01] 股票还是期权？把「破产」写进高管的工资条Stocks or Options? Moral Hazard, Firm Viability, and the Design of Compensation ContractsJun 2026
• [2008/01] 泡沫：一个我们至今定义不清、却又绕不开的词The Causes and Consequences of Recent Financial Market Bubbles: An IntroductionJun 2026
• [2008/01] 两棵树的寓言：当「i.i.d. 收益」撞上「卖不掉的股票」Two TreesJun 2026
• [2007/11] 同样是收购，为什么股价反应天差地别？——把答案归结到一个「波动率」How Do Diversity of Opinion and Information Asymmetry Affect Acquirer Returns?Jun 2026
• [2007/11] 订单流里的「悄悄话」：当分歧越大，债市越听它说话Informed and Strategic Order Flow in the Bond MarketsJun 2026
• [2007/11] 藏在年报截止日前的那笔卖单：当「延迟披露」成了内幕交易的合法通道Insider Trades and Private Information: The Special Case of Delayed-Disclosure TradesJun 2026
• [2007/11] 数不清的「零」：新兴市场用一串静止的价格，量出了流动性的价格Liquidity and Expected Returns: Lessons from Emerging MarketsJun 2026
• [2007/11] 把债、信贷额度和股权，从一个代理问题里「长」出来Optimal Long-Term Financial ContractingJun 2026
• [2007/11] 最黏的存款，配最看不清的贷款——一道被「分歧」逼出来的资产负债匹配题Relationship Banking, Fragility, and the Asset-Liability Matching ProblemJun 2026
• [2007/11] 捆在一起发债：多元化折价里，被忽略的那条「竞争」暗线Strategic Cost of DiversificationJun 2026
• [2007/11] 地价腰斩之后，是谁替企业按下了投资的暂停键The Real Effects of Asset Market Bubbles: Loan- and Firm-Level Evidence of a Lending ChannelJun 2026
• [2007/11] 翻看换手率：你买卖股票，多半只是在跟着大盘「再平衡」Turning over TurnoverJun 2026
• [2007/11] 新债上市第一笔成交，凭什么白赚 47 个基点？Underpricing in the Corporate Bond MarketJun 2026
• [2007/11] 价格里那道折扣，量的是「找不到买家」的时间Valuation in Over-the-Counter MarketsJun 2026
• [2007/09] 竞争越激烈，反而越要「等」？——把实物期权和竞争装进同一个均衡An Equilibrium Model of Investment Under UncertaintyJun 2026
• [2007/09] 涨时各走各的，跌时一起跳水：给「不对称」一把无关模型的尺子Asymmetries in Stock Returns: Statistical Tests and Economic EvaluationJun 2026
• [2007/09] 越能谈，越借不到：把「债该长什么样」算回一场讨价还价Can the Trade-off Theory Explain Debt Structure?Jun 2026
• [2007/09] 看不见报价人的名字，价差为什么反而变窄了？Does Anonymity Matter in Electronic Limit Order Markets?Jun 2026
• [2007/09] 抵押品的「乘数」：为什么越是缺钱的公司，越要看「家当」能不能押Financial Constraints, Asset Tangibility, and Corporate InvestmentJun 2026
• [2007/09] 股东说了算，债主就要遭殃吗？——一道被「收购门」掰弯的治理符号Governance Mechanisms and Bond PricesJun 2026
• [2007/09] 「赌一把」未必是加杠杆：当落后的基金经理反手减仓Optimal Asset Allocation and Risk Shifting in Money ManagementJun 2026
• [2007/09] 把「跑分」交给基金经理之前，先问问这个分数能不能被刷Portfolio Performance Manipulation and Manipulation-proof Performance MeasuresJun 2026
• [2007/09] 利率会换挡：当「换挡」本身也成了一种被定价的风险Regime Shifts in a Dynamic Term Structure Model of U.S. Treasury Bond YieldsJun 2026
• [2007/09] 「不买股票」也能是理性的吗？——给参与成本算一笔最省的账The Forgone Gains of Incomplete PortfoliosJun 2026
• [2007/09] 「风险让期权更值钱」——这句人人会说的话，其实只对了一半When Does Extra Risk Strictly Increase an Option's Value?Jun 2026
• [2007/07] 新股的「冷热」，其实是投行在替你算的一笔账A Theory of IPO WavesJun 2026
• [2007/07] 为什么「贵」的承销方式反而赢了？——新股发行里的一笔「分析师彩虹屁」暗账Analyst Hype in IPOs: Explaining the Popularity of BookbuildingJun 2026
• [2007/07] 汇率，是股市之间那根看不见的传声筒Asset Prices and Exchange RatesJun 2026
• [2007/07] 好日子才是说谎的最佳时机：一个关于繁荣、萧条与欺诈的均衡故事Booms, Busts, and FraudJun 2026
• [2007/07] 为什么有人甘愿「不分散」？——把彩票心理写进资产定价Equilibrium Underdiversification and the Preference for SkewnessJun 2026
• [2007/07] 「浅口袋」反而是好事？——把创业者逼进一场抢钱的锦标赛Financing a Portfolio of ProjectsJun 2026
• [2007/07] 大公司先动，小公司后知——一条藏在「行业」里的信息暗线Industry Information Diffusion and the Lead-lag Effect in Stock ReturnsJun 2026
• [2007/07] 你买的那只股票，多半是邻居「说」给你听的Information Diffusion Effects in Individual Investors' Common Stock Purchases: Covet Thy Neighbors' Investment ChoicesJun 2026
• [2007/07] 现金握在谁手里，决定了它值多少钱International Evidence on Cash Holdings and Expected Managerial Agency ProblemsJun 2026
• [2007/07] 一笔提前卖出的股权，是为了让你将来「抢着加价」Optimal Equity Stakes and Corporate ControlJun 2026
• [2007/07] 教科书里那个「不存在」的市场，其实每天都在东京开门Walrasian Tâtonnement Auctions on the Tokyo Grain ExchangeJun 2026
• [2007/05] 股票涨了，他们为什么更想交易？——46 国市场里的一条「追涨」暗线Do Investors Trade More When Stocks Have Performed Well? Evidence from 46 CountriesJun 2026
• [2007/05] 「关门谢客」的基金，到底是好管家，还是会说漂亮话的人？Good Stewards, Cheap Talkers, or Family Men? the Impact of Mutual Fund Closures on Fund Managers, Flows, Fees, and PerformanceJun 2026
• [2007/05] 谁在真正交易期权？——一份藏在 CBOE 账本里的「行为」证据Option Market ActivityJun 2026
• [2007/05] 老板到底有没有在「看股价」做投资？——藏在敏感度里的一条信息暗线Price Informativeness and Investment Sensitivity to Stock PriceJun 2026
• [2007/05] 捡硬币的人，真的站在压路机前面吗？Risk and Return in Fixed-Income Arbitrage: Nickels in Front of a Steamroller?Jun 2026
• [2007/05] 拆分真能让公司投得更聪明吗？——一个被「测量误差」和「内生性」一起推翻的流行结论Spin-offs, Divestitures, and Conglomerate InvestmentJun 2026
• [2007/05] 股利收益率真能预测收益吗？——一桩被「标准误」改写的旧公案Stock Return Predictability: Is it There?Jun 2026
• [2007/05] 为什么有的股票「天天换手」，有的却「躺平」不动？The Cross-Section of Expected Trading ActivityJun 2026
• [2007/05] 没有招牌的新人，凭什么让你把发债的活儿交给他？The Effect of Private-Debt-Underwriting Reputation on Bank Public-Debt UnderwritingJun 2026
• [2007/05] 报告还没发，他们已经先买了五天——研报里那条「通风报信」的暗线TippingJun 2026
• [2007/05] 你把账户开在哪家银行，银行就比谁都先知道你要出事Transactions Accounts and Loan MonitoringJun 2026
• [2007/05] 为什么从期权里「读」出来的风险厌恶，会咧嘴一笑？Why Does Implied Risk Aversion Smile?Jun 2026
• [2007/03] 期权“快到期”那一刻，藏着跳跃的指纹Approximation and Calibration of Short-Term Implied Volatilities Under Jump-Diffusion Stochastic VolatilityJun 2026
• [2007/03] 终止费到底是「锁门」还是「关灯」？——一桩被坏数据带偏二十年的收购公案Do Termination Provisions Truncate the Takeover Bidding Process?Jun 2026
• [2007/03] 做市商的「无风险」生意：把成交成本拆成成本与议价能力Financial Intermediation and the Costs of Trading in an Opaque MarketJun 2026
• [2007/03] 传染，不必经由「关系」——当做市商替你猜错了消息的来源Imperfect Competition, Information Heterogeneity, and Financial ContagionJun 2026
• [2007/03] 一道方程，几个价格——Black-Scholes 方法里被忽略的「泡沫」Options and BubblesJun 2026
• [2007/03] 把成交质量晒在阳光下，订单就真的跟着走了吗？Public Disclosure and Private Decisions: Equity Market Execution Quality and Order RoutingJun 2026
• [2007/03] 为什么宁愿被供应商「宰」，也不去找银行？——一笔贵得离谱的商业信用账Trade Credit: Suppliers as Debt Collectors and Insurance ProvidersJun 2026
• [2007/03] 掀开交易商的「桌布」：一场被监管钦定的公司债透明度实验Transparency and Liquidity: A Controlled Experiment on Corporate BondsJun 2026
• [2007/01] 好表现的奖励，不是奖金，而是「明天更大的盘子」——代理冲突如何写出公司的投资节律Agency and Optimal Investment DynamicsJun 2026
• [2007/01] 同一只基金，买进同一批股票，为什么有时跑赢、有时跑输？Does Motivation Matter When Assessing Trade Performance? an Analysis of Mutual FundsJun 2026
• [2007/01] 年轻人为什么不敢买股票？——把「习惯」请进生命周期的投资账本Life-Cycle Portfolio Choice with Additive Habit Formation Preferences and Uninsurable Labor Income RiskJun 2026
• [2007/01] 把投资组合的「天书」解到只剩一个常微分方程Portfolio Selection in Stochastic EnvironmentsJun 2026
• [2007/01] 当你不再相信自己估出来的那个均值Portfolio Selection with Parameter and Model Uncertainty: A Multi-Prior ApproachJun 2026
• [2007/01] 合资这场「联姻」，为什么从一开始就注定要散？The Role of Knowhow Acquisition in the Formation and Duration of Joint VenturesJun 2026
• [2006/12] 评级的真正力量，不在「说真话」，而在「让大家信同一句话」Credit Ratings as Coordination MechanismsJun 2026
• [2006/10] 分析师到底该信「自己」几分？——一道把「私心」和「自负」分开的算术Analysts’ Weighting of Private and Public InformationJun 2026
• [2006/10] 三百多个参数，赌一把「波动」到底值多少钱Asset Allocation with a High Dimensional Latent Factor Stochastic Volatility ModelJun 2026
• [2006/10] 拍卖桌上的「合谋」，到底藏在哪一种规则里？Competition and Cooperation in Divisible Good Auctions: An Experimental ExaminationJun 2026
• [2006/10] 评级藏在买卖价差里：当股票的「逆向选择」预言了公司的信用Credit Ratings and Stock LiquidityJun 2026
• [2006/10] 杠杆的另一半秘密：不是你想借多少，而是谁肯借给你Does the Source of Capital Affect Capital Structure?Jun 2026
• [2006/10] 强股市，为什么配着弱货币？——一条「未抛补股票平价」的暗线Exchange Rates, Equity Prices, and Capital FlowsJun 2026
• [2006/10] R² 说的不是「现金流」：一道把收益拆成三份的还原术Explaining Returns with Cash-Flow ProxiesJun 2026
• [2006/10] 你的工资单，藏着股市下一年的收益Labor Income and Predictable Stock ReturnsJun 2026
• [2006/07] 七百一十七页上的一段话：一篇没有数据的 RFS「论文」A Note from the EditorJun 2026
• [2006/05] 银行不缺钱，却放不出款——一条藏在「股本」里的货币政策暗线Corporate Finance and the Monetary Transmission MechanismJun 2026
• [2006/05] 同一张交易台，44 个国家的「制度税」The Impact of Legal and Political Institutions on Equity Trading Costs: A Cross-Country AnalysisJun 2026
• [2006/04] 当一封信有了 DOI：读 RFS 主编上任一年的「年终报告」Note from the EditorJun 2026
• [2006/03] 融资约束，为什么偏偏在好年景里更咬人？Asset Pricing Implications of Firms’ Financing ConstraintsJun 2026
• [2006/03] 选美比赛里的价格：当「我猜你猜我猜」写进了资产定价Beauty Contests and Iterated Expectations in Asset MarketsJun 2026
• [2006/03] 想拦住资本，又想招来外资——跨国公司如何把这道矛盾「钻」成了一笔账Capital Controls, Liberalizations, and Foreign Direct InvestmentJun 2026
• [2006/03] 情绪，能不能从「基本面」里干净地剥出来？Consumer Confidence and Asset Prices: Some Empirical EvidenceJun 2026
• [2006/03] 跌的时候才显形：被 CAPM 漏掉的那半个 betaDownside RiskJun 2026
• [2006/03] 你以为在问「分析师靠不靠谱」，其实在解一道学习的难题Dynamic Portfolio Choice with Parameter Uncertainty and the Economic Value of Analysts’ RecommendationsJun 2026
• [2006/03] 赚过钱的人，更爱交易——一条藏在成交量里的「过度自信」Investor Overconfidence and Trading VolumeJun 2026
• [2006/03] 美国打个喷嚏，首尔和曼谷为什么只抖三十分钟？Transmission of Information Across International Equity MarketsJun 2026
• [2006/02] 会「看天」的 beta：当风险收编了价值与规模，动量却躲进了商业周期Asset Pricing Models and Financial Market AnomaliesJun 2026
• [2006/02] 信息这把武器，为什么越磨越亏？——把「螺旋桨」装进信贷竞争Competition and Strategic Information Acquisition in Credit MarketsJun 2026
• [2006/02] 把好天气存进坏天气：多元化，是一张衰退里才兑现的「信用保单」Corporate Diversification and Credit Constraints: Real Effects Across the Business CycleJun 2026
• [2006/02] 抄你，免费、且立等可取——可发明证券的投行，凭什么还是赢？Innovation, Differentiation, and the Choice of an Underwriter: Evidence from Equity-Linked SecuritiesJun 2026
• [2006/02] 汇率之谜的另一半：把它交还给两国资本市场的「风险价格」International Capital Markets and Foreign Exchange RiskJun 2026
• [2006/02] 看不见的波动率，换一种「语言」就追到了Maximum Likelihood Estimation of Latent Affine ProcessesJun 2026
• [2006/02] 期权不该是配角：当衍生品第一次挤进「定价核」Option Coskewness and Capital Asset PricingJun 2026
• [2006/02] 赢家做空，输家做多：一条简单到「不该」赚钱的套利规则Pairs Trading: Performance of a Relative-Value Arbitrage RuleJun 2026
• [2006/02] 卖公司这件事：为什么最优的玩法，是「故意偏心」Takeover Contests with Asymmetric BiddersJun 2026
• [2006/02] 波动的不对称，原来是「谁在卖」决定的The Impact of Trades on Daily VolatilityJun 2026
• [2006/02] 期权账本里的「先知」：谁在下注，比下注本身更重要The Information in Option Volume for Future Stock PricesJun 2026
• [2006/02] 止赎来的那栋楼，银行为什么按着不卖？——把「战略违约」和「火线甩卖」装进同一盘棋Theory and Evidence on the Resolution of Financial DistressJun 2026
• [2006/01] 动量到底是谁干的？——把成交单拆成大小两摞来看A Trade-Based Analysis of MomentumJun 2026
• [2006/01] 老板为什么偏爱「说不清」的项目？——一笔债，如何替股东堵死这条暗路Capital Structure, Compensation and IncentivesJun 2026
• [2006/01] 基金经理偷偷在月中换了仓，我们的「业绩尺子」还准吗？Evaluating Government Bond Fund Performance with Stochastic Discount FactorsJun 2026
• [2006/01] 「借不到钱」是一种风险吗？——把融资约束从一道影子价格里解出来Financial Constraints RiskJun 2026
• [2006/01] 你不是在对冲，你在买你熟悉的东西Hedging, Familiarity and Portfolio ChoiceJun 2026
• [2006/01] 差一点就成的收购：当「下次再来」反而毁掉了这笔买卖If at First You Don’t Succeed: The Effect of the Option to Resolicit on Corporate TakeoversJun 2026
• [2006/01] 打折卖新股，是为了补偿你「将来不好脱手」的那份担心IPO Underpricing and After-Market LiquidityJun 2026
• [2006/01] 一笔贷款被卖掉之前，借款人先讨回了 20 个基点Loan Sales and the Cost of Corporate BorrowingJun 2026
• [2006/01] 买高卖低的那道楔子：当 Black-Scholes 撞上一条会动的供给曲线Pricing Options in an Extended Black Scholes Economy with Illiquidity: Theory and Empirical EvidenceJun 2026
• [2006/01] 利率走过的那道长弧：远期利率预言的，究竟是什么？The Behavior of Interest RatesJun 2026
• [2005/11] 市场快「干涸」的那一刻：股与债的流动性，原来听的是同一个人An Empirical Analysis of Stock and Bond Market LiquidityJun 2026
• [2005/11] 罕见，所以可怕：把「算不准的概率」写进期权的微笑里An Equilibrium Model of Rare-Event Premia and Its Implication for Option SmirksJun 2026
• [2005/11] 违约真的发生时，市场到底给没给你保费？Is Default Event Risk Priced in Corporate Bonds?Jun 2026
• [2005/10] 为什么有人一边买指数基金，一边死攥着两只股票？Household Portfolio Diversification: A Case for Rank-Dependent PreferencesJun 2026
• [2005/08] 匿名的市场，反而藏不住「聪明钱」Anonymity, Adverse Selection, and the Sorting of Interdealer TradesJun 2026
• [2005/08] 六个人，一道没人见过的方程，最后却写出了同一种预期Coordination of Expectations in Asset Pricing ExperimentsJun 2026
• [2005/08] 替留下的人作证：基金家族为什么非得「炒掉」几个经理Fund Families as Delegated Monitors of Money ManagersJun 2026
• [2005/08] 行业到底怎样塑造了一家公司的资本结构？How Does Industry Affect Firm Financial Structure?Jun 2026
• [2005/08] 同一种货币，未必是同一个市场——一道写在「跨境信息」里的银行间难题Interbank Market Integration Under Asymmetric InformationJun 2026
• [2005/08] 新股该卖给多少人？——一笔关于投行「偷懒」的暗账IPOs with Buy- and Sell-Side Information Production: The Dark Side of Open SalesJun 2026
• [2005/08] 买卖价差为什么会「自己长回去」？——把限价订单簿当成一座流动性的集市Limit Order Book as a Market for LiquidityJun 2026
• [2005/08] 算不准均值的那群人，悄悄退出了股市——一个把「有限参与」内生出来的模型Model Uncertainty, Limited Market Participation, and Asset PricesJun 2026
• [2005/08] 房子，是资产、是消费，还是一块挡在股市门口的石头？Portfolio Choice in the Presence of HousingJun 2026
• [2005/08] 老板说了算的公司，业绩为什么忽好忽坏？Powerful CEOs and Their Impact on Corporate PerformanceJun 2026
• [2005/08] 「手热」只有三个月：基金经理的本事，到底持续多久？Short-Term Persistence in Mutual Fund PerformanceJun 2026
• [2005/08] 把资产「打包」再「切片」：一个关于知情中介的模型The Pooling and Tranching of Securities: A Model of Informed IntermediationJun 2026
• [2005/08] 为什么大单反而能拿到折扣？——把伦敦交易所的「关系」算成一笔账Why Do Larger Orders Receive Discounts on the London Stock Exchange?Jun 2026
• [2005/06] 外资真有「信息劣势」吗？——首尔交易簿里那 37 个基点的真相Do Domestic Investors Have an Edge? the Trading Experience of Foreign Investors in KoreaJun 2026
• [2005/05] 把「天书」一样的动态组合，交给一台会做回归的模拟器A Simulation Approach to Dynamic Portfolio Choice with an Application to Learning About Return PredictabilityJun 2026
• [2005/05] 老板的奖金，定不了股票的「期望收益」，却定得了它的「价格」An Equilibrium Model of Asset Pricing and Moral HazardJun 2026
• [2005/05] 众人各执一词，价格却只听一个人的吗？Do Heterogeneous Beliefs Matter for Asset Pricing?Jun 2026
• [2005/05] 亏时求稳，赚时博大：一张「反 S 形」效用，替市场组合翻了案Does Risk Seeking Drive Stock Prices? a Stochastic Dominance Analysis of Aggregate Investor Preferences and BeliefsJun 2026
• [2005/05] 信贷市场的「火眼金睛」：筛进与筛出，是两种完全不同的本事Information Acquisition Under Uncertainty in Credit MarketsJun 2026
• [2005/05] 「卖得贵」的新股，为什么能带火一整波——IPO 里一场关于沉默的博弈IPO Market TimingJun 2026
• [2005/05] 价格慢半拍的那 0.02%：一把丈量「市场摩擦」的尺子Market Frictions, Price Delay, and the Cross-Section of Expected ReturnsJun 2026
• [2005/05] 当老板既藏着本事、又能挑风险：一纸最优合约里被翻转的「风险—激励」常识Optimal Contracts Under Adverse Selection and Moral Hazard: A Continuous-Time ApproachJun 2026
• [2005/05] 拿掉那把叫「模型」的尺子，期权市场才被公正地审了一次The Model-Free Implied Volatility and Its Information ContentJun 2026
• [2005/04] 把一群小公司「攒」成一家上市公司——谁赚了，谁赔了？Corporate Governance, Incentives, and Industry ConsolidationsJun 2026
• [2005/04] 保留否决权的代价：老板一插手，下属就开始「虚报」预算Decision Processes, Agency Problems, and Information: An Economic Analysis of Capital Budgeting ProceduresJun 2026
• [2005/03] 少持股，也能照样说了算——一道藏在「反收购法」里的控制权暗账Identifying Control Motives in Managerial Ownership: Evidence from Antitakeover LegislationJun 2026
• [2005/03] 残差不会撒谎：一把能戳穿利率模型的「万能尺」Nonparametric Specification Testing for Continuous-Time Models with Applications to Term Structure of Interest RatesJun 2026
• [2005/03] 房子，到底是分散了风险，还是挤掉了股票？Optimal Consumption and Portfolio Choices with Risky Housing and Borrowing ConstraintsJun 2026
• [2005/03] 宣布回购，却又不回购——一个不带任何承诺的好消息，凭什么值 3%？Why Do Firms Announce Open-Market Repurchase Programs?Jun 2026
• [2005/02] 年纪越大，越该把钱从股票里挪出来吗？——一个生命周期模型给出的答案Consumption and Portfolio Choice over the Life CycleJun 2026
• [2005/02] 一秒一笔的数据，为什么只敢拿 5 分钟用一次？How Often to Sample a Continuous-Time Process in the Presence of Market Microstructure NoiseJun 2026
• [2005/02] 传谣时买，出新闻时卖：一个把私密信号「用两次」的内幕交易者Information Leakage and Market EfficiencyJun 2026
• [2005/02] 用了十年数据，期权价格还是错了六成——一把 1956 年的老刀，怎样削掉它Jackknifing Bond Option PricesJun 2026
• [2005/01] 把自家的灯关掉：一个交易所的「黑暗实验」，照出了透明度的价值Island Goes Dark: Transparency, Fragmentation, and RegulationJun 2026
• [2004/10] 银行从哪里来，又为什么不肯把生意做绝？A Theory of Corporate Capital Structure and InvestmentJun 2026
• [2004/10] 好年景里，银行为什么集体『放水』？——把信贷标准的周期写进一场拍卖Bank Competition and Credit StandardsJun 2026
• [2004/10] 绕过董事会：当收购方读懂了「谁说了算」Board Composition, Board Effectiveness, and the Observed Form of Takeover BidsJun 2026
• [2004/10] 前景理论想「废掉」均值-方差，却反被它收编Prospect Theory and Mean-Variance AnalysisJun 2026
• [2004/10] 上市，到底是放走了大股东，还是「拴住」了他？Public Trading and Private IncentivesJun 2026
• [2004/10] 当投资者不再相信自己的模型：稳健性如何撑起股权溢价Robust Portfolio Rules and Asset PricingJun 2026
• [2004/10] K 线图量的不是涨跌，而是订单簿上那道「人墙」Technical Analysis and Liquidity ProvisionJun 2026
• [2004/10] 投票权到底值多少钱？——一场「自己卖给自己」的股权统一实验The Value of Voting Rights to Majority Shareholders: Evidence from Dual-Class Stock UnificationsJun 2026
• [2004/10] GARCH 从哪儿来？——把「波动会扎堆」这件事，还给投资者的情绪Whence GARCH? a Preference-Based Explanation for Conditional VolatilityJun 2026
• [2004/10] 「贵」的方法，为什么把「便宜」的方法赶尽杀绝？——日本新股发行的一场自然实验Why Does Book Building Drive Out Auction Methods of IPO Issuance? Evidence from JapanJun 2026
• [2004/07] 价差是真的，成本却是假的——逆向选择究竟从哪里抬高了「要求回报」Adverse Selection and the Required ReturnJun 2026
• [2004/07] 新股到底是「打折」卖，还是「溢价」卖？Are IPOs Really Underpriced?Jun 2026
• [2004/07] 好项目，凭什么自己说了算？——把资本预算和工资条捆成同一道题Capital Budgeting in Multidivision Firms: Information, Agency, and IncentivesJun 2026
• [2004/07] 一只基金的命运，藏在它「兄弟姐妹」的成绩单里Family Values and the Star Phenomenon: Strategies of Mutual Fund FamiliesJun 2026
• [2004/07] 明明是「稳赚」的套利，他却故意只做一半Losing Money on Arbitrage: Optimal Dynamic Portfolio Choice in Markets with Arbitrage OpportunitiesJun 2026
• [2004/07] 半信半疑的资产定价：当一个投资者既不全信模型，也不全信数据Stock Return Predictability and Asset Pricing ModelsJun 2026
• [2004/07] 把股票挂到哪国去？——一道写满「亲近偏好」的财务决策The Overseas Listing Decision: New Evidence of Proximity PreferenceJun 2026
• [2004/07] 把价格切成小格子，垄断就消失了——重读统一价格拍卖里的「打折之谜」Underpricing and Market Power in Uniform Price AuctionsJun 2026
• [2004/07] 越有钱越敢买股票，真的是因为胆子更大吗？Wealth, Information Acquisition, and Portfolio ChoiceJun 2026
• [2004/04] 打广告，打的不是产品，是股东——一条从货架通向交易所的暗线Advertising, Breadth of Ownership, and LiquidityJun 2026
• [2004/04] 买家为什么不肯走远？——用税务评估的「手抖」，量出房产市场的信息暗河Confronting Information Asymmetries: Evidence from Real Estate MarketsJun 2026
• [2004/04] 给「风险的价格」松一道绑：利率模型里那场按不下去的跷跷板Evaluating an Alternative Risk Preference in Affine Term Structure ModelsJun 2026
• [2004/04] 拍卖桌底下的那只手：当「逼空」悄悄改写了每个人心里的价Multiple Unit Auctions and Short SqueezesJun 2026
• [2004/04] 买回自己的股票，他们到底怎么「下手」？——一扇被披露制度关上的门On the Timing and Execution of Open Market RepurchasesJun 2026
• [2004/04] 内幕交易者为什么主动「少知道一点」？——当噪声交易者开始算账Strategic Trading, Liquidity, and Information AcquisitionJun 2026
• [2004/04] 结构模型给债券定价，错的从来不是「太低」，而是「太散」Structural Models of Corporate Bond Pricing: An Empirical AnalysisJun 2026
• [2004/04] 市场一起崩，是规律还是错觉？——给「尾部相依」装一把会区分的尺子Extreme Value Dependence in Financial Markets: Diagnostics, Models, and Financial ImplicationsJun 2004
• [2004/01] 老板不想借钱，债却替他保住了位子——管理层自利如何解开「杠杆之谜」Can Managerial Discretion Explain Observed Leverage Ratios?Jun 2026
• [2004/01] 为了「显得能干」，钱都堆去了那块看得最清的业务Career Concerns and Resource Allocation in ConglomeratesJun 2026
• [2004/01] 羊群是真的吗？——把「机构跟风」拆成跟自己和跟别人Institutional HerdingJun 2026
• [2004/01] 还不起债的世界里，期权成了 CAPM 漏掉的第二只手Options Trading and the CAPMJun 2026
• [2004/01] 把对冲基金的高夏普，翻过来看：它其实在卖一份「市场保险」Risks and Portfolio Decisions Involving Hedge FundsJun 2026
• [2004/01] 为什么英国人发债，德国人却找银行？——一道关于「要不要盯着你」的算术The Emergence and Persistence of the Anglo-Saxon and German Financial SystemsJun 2026
• [2004/01] R&D 的技术风险明明是「赌运气」，为什么它的折现率反而更高？Valuation and Return Dynamics of New VenturesJun 2026
• [2004/01] 卖掉公司之前，老板先给自己开了张支票What's in it for Me? CEOs Whose Firms Are AcquiredJun 2026
• [2004/01] 为什么「按 NPV 选项目」反而选不出最高的 NPV？Why the NPV Criterion Does Not Maximize NPVJun 2026
• [2003/10] 钱往哪个分部流，才算「肥水没流外人田」？Cross-Subsidies, External Financing Constraints, and the Contribution of the Internal Capital Market to Firm ValueJun 2026
• [2003/10] 对手越多，价格越疯：把「等待的期权」装进一整个行业的电网里Equilibrium Investment Strategies and Output Price Behavior: A Real-Options ApproachJun 2026
• [2003/10] 机构投资者搬家了：他们为什么从「大盘股」走向「小而险」的草地Greener Pastures and the Impact of Dynamic Institutional PreferencesJun 2026
• [2003/10] 一个不放贷的掮客，凭什么把你的贷款成功率从 40% 抬到 58%？Informal Financial Networks: Theory and EvidenceJun 2026
• [2003/10] 迟早要卖手里的资产，于是他只敢拿债，不敢拿股Institutional Liquidity Needs and the Structure of Monitored FinanceJun 2026
• [2003/10] 几乎没人交易的那几个小时，价格却没有闲着Price Discovery and Trading After HoursJun 2026
• [2003/10] 好表现，是一张能跳槽的入场券——而它只对「大人物」生效Raids, Rewards, and Reputations in the Market for Managerial TalentJun 2026
• [2003/10] 会变通的公司，到底是借得更多，还是更少？Real Flexibility and Financial Structure: An Empirical AnalysisJun 2026
• [2003/10] 100% 借债，还是一分不借？——一篇综述，把「税」拧成公司金融的一根主线Taxes and Corporate Finance: A ReviewJun 2026
• [2003/10] 公司利润越高，债反而越多？——一场被「拆公司」洗掉干扰项的资本结构实验The Design of Financial Policies in Corporate Spin-offsJun 2026
• [2003/07] 别再盯着相关系数了——用「一起暴跌」数出传染A New Approach to Measuring Financial ContagionJun 2026
• [2003/07] 「借不到钱」如何拖慢一个国家——把融资约束从投资的欧拉方程里解出来Financial Development and Financing Constraints: International Evidence from the Structural Investment ModelJun 2026
• [2003/07] 债券价格和波动率，到底是「正」还是「负」？——一道被期权直觉骗了很久的符号题Fundamental Properties of Bond Prices in Models of the Short-Term RateJun 2026
• [2003/07] 汇率溢价之谜，藏在各国消费「拉开的差距」里Incomplete Consumption Risk Sharing and Currency Risk PremiumsJun 2026
• [2003/07] 同一场技术革命，为什么把利率推向了两个相反的方向？Information Technology and Financial Services CompetitionJun 2026
• [2003/07] 利率会拐弯，是数据说的，还是先验替它弯的？Nonlinear Mean Reversion in the Short-Term Interest RateJun 2026
• [2003/07] 正态分布早被否决，可我们的 CAPM 检验还在用它的尺子量天下Return Distributions and Improved Tests of Asset Pricing ModelsJun 2026
• [2003/07] 把『检验』指向未来：一个绕开联合假设的无套利约束Statistical Arbitrage and Securities PricesJun 2026
• [2003/07] 把利率曲线的「定价」和「预测」装进同一个模型，为什么这么难？Term Structure Dynamics in Theory and RealityJun 2026
• [2003/07] 承销商替你做了一道「卖出期权」的算术——日本增发为何不跌反涨Underwriter Certification and Japanese Seasoned Equity IssuesJun 2026
• [2003/04] 三个异象，为什么命运不同？——把它们一个个拖到『协方差』面前对质An Analysis of Covariance Risk and Pricing AnomaliesJun 2026
• [2003/04] 「买了保险，注定亏钱」：从一份对冲组合里，读出波动率的负价格Delta-Hedged Gains and the Negative Market Volatility Risk PremiumJun 2026
• [2003/04] 市场为什么只会「崩」，不会「暴涨」？——一个关于沉默者的故事Differences of Opinion, Short-Sales Constraints, and Market CrashesJun 2026
• [2003/04] 借不到明天的钱，于是他把今天的财富押成了一份美式期权Dynamic Equilibrium with Liquidity ConstraintsJun 2026
• [2003/04] 两个交易所抢同一笔单子，谁能活下来，竟系于一条「平局怎么算」的规矩Liquidity-Based Competition for Order FlowJun 2026
• [2003/04] 「打了就跑」的日内交易者，真的抬高了做市商的价差吗？Market Making with Costly Monitoring: An Analysis of the SOES ControversyJun 2026
• [2003/04] 你的单子被卖去了「小交易所」，你该不该担心？Order Preferencing and Market Quality on U.S. Equity ExchangesJun 2026
• [2003/04] 换一把尺子，一半的动量利润就消失了Risk Adjustment and Trading StrategiesJun 2026
• [2003/04] 给资产定价模型测谎的那把尺，自己先量歪了Stochastic Discount Factor Bounds with Conditioning InformationJun 2026
• [2003/01] 新股「打折」的秘密，藏在定价和上市之间那几天里Auctions vs. Bookbuilding and the Control of Underpricing in Hot IPO MarketsJun 2026
• [2003/01] 短债能不能「治好」成长型公司不敢借钱的病？Debt Maturity and the Effects of Growth Opportunities and Liquidity Risk on LeverageJun 2026
• [2003/01] 行权就再送你一张期权：这台「印钞机」为什么印不出钱Employee Reload Options: Pricing, Hedging, and Optimal ExerciseJun 2026
• [2003/01] 「七个点」也跨了国：新股的好与贵，藏在谁来卖、卖给谁里Global Integration in Primary Equity Markets: The Role of U.S. Banks and U.S. InvestorsJun 2026
• [2003/01] 老板明知道银行会盯着他，为什么还主动把脖子伸过去？Managerial Compensation and the Market Reaction to Bank LoansJun 2026
• [2003/01] 一条法律规定基金经理的奖罚必须对称，可最优合约偏偏是「不对称」的Optimal Contracts in a Continuous-Time Delegated Portfolio Management ProblemJun 2026
• [2003/01] 为什么个股期权的「微笑」这么平？——把偏度从期权价格里读出来Stock Return Characteristics, Skew Laws, and the Differential Pricing of Individual Equity OptionsJun 2026
• [2003/01] 上市这天终于能套现，他却亲手把自己锁住 180 天The Role of Lockups in Initial Public OfferingsJun 2026
• [2003/01] 停牌，原来是交易所给「监工」按下的暂停键The Role of Trading Halts in Monitoring a Specialist MarketJun 2026
• [2002/10] 一页致谢里的「隐形账本」：金融学界靠什么免费运转AcknowledgementsJun 2026
• [2002/10] 一张「期权」三种戴法：当公司债的赎回与违约，被装进同一个执行边界Corporate Bond Valuation and Hedging with Stochastic Interest Rates and Endogenous BankruptcyJun 2026
• [2002/10] 费率千差万别，卖的却是同一碗水——货币基金定价里那条「需求曲线」的暗线Demand Curves and the Pricing of Money ManagementJun 2026
• [2002/10] 被监管钦点的「公平费」，为什么反而更宰投资者？Fee Speech: Signaling, Risk-Sharing, and the Impact of Fee Structures on Investor WelfareJun 2026
• [2002/10] 死人不会说话：当基金数据库只剩下「活下来」的那些基金Mutual Fund SurvivorshipJun 2026
• [2002/10] 全是「随大流」的基金：为什么没人敢去买便宜货？On Mutual Fund Investment StylesJun 2026
• [2002/10] 钱要不要轧差结算？——一道被两国监管者各自的小算盘搅乱的题Regulating Access to International Large-Value Payment SystemsJun 2026
• [2002/10] 保证金这味药，牛市治病、熊市却伤身The Asymmetric Relation Between Initial Margin Requirements and Stock Market Volatility Across Bull and Bear MarketsJun 2026
• [2002/10] 债市真的「迟钝」吗？——一份按小时记录的高收益债账本The Informational Efficiency of the Corporate Bond Market: An Intraday AnalysisJun 2026
• [2002/10] 增发之后，股票在跌，债券却在悄悄上涨The Long-Term Performance of Corporate Bonds (and Stocks) Following Seasoned Equity OfferingsJun 2026
• [2002/07] 把『习惯』从消费里减掉：一道让难题自动消失的换元术An Isomorphism Between Asset Pricing Models with and Without Linear Habit FormationJun 2026
• [2002/07] 放量之后，是反转还是续涨？——成交量替你认出了『谁在交易』Dynamic Volume-Return Relation of Individual StocksJun 2026
• [2002/07] 对冲的下半场：不是「要不要」，而是「怎么对冲」How Firms Should HedgeJun 2026
• [2002/07] 把信息卖给你的客户，竟是为了管住你自己的手Incentive-Compatible Contracts for the Sale of InformationJun 2026
• [2002/07] 分散投资的『退潮时刻』：当相关性在熊市里抱成一团International Asset Allocation with Regime ShiftsJun 2026
• [2002/07] 没人知道屋里到底有几个内幕者，价格还能信吗？Price Formation and Market Quality When the Number and Presence of Insiders is UnknownJun 2026
• [2002/07] 十四个变量，一万六千个模型：把「不知道该信哪个」算进价格里Stock Return Predictability: A Bayesian Model Selection PerspectiveJun 2026
• [2002/07] 持股比例被法律按住，他便用『投资额』说话Structuring International Cooperative VenturesJun 2026
• [2002/07] 谁在期权市场里「下注」，谁只是「挂单」The Informational Role of Stock and Option VolumeJun 2026
• [2002/07] 同一只股票，楼上楼下两个价：负责定价的，其实只有楼下那一个Trading and Pricing in Upstairs and Downstairs Stock MarketsJun 2026
• [2002/04] Fama-French 因子是「全球」的，还是「各回各家」的？Are the Fama and French Factors Global or Country Specific?Jun 2026
• [2002/04] 银行越多，借钱反而越贵？——一道藏在「信息分散」里的反直觉Competition, Adverse Selection, and Information Dispersion in the Banking IndustryJun 2026
• [2002/04] 同一张期权，有人因它更勤于打探，有人因它更愿意躺平Financial Innovation and Information: The Role of Derivatives When a Market for Information ExistsJun 2026
• [2002/04] 宏观因子从未缺席，它只是躲进了波动率里Macroeconomic Factors Do Influence Aggregate Stock ReturnsJun 2026
• [2002/04] 银行为什么宁可掷骰子，也不肯跟你好好谈？——止赎里那台『随机拒绝机』Nondiscriminating Foreclosure and Voluntary Liquidating CostsJun 2026
• [2002/04] 一点点交易成本，就把「持续交易」逼成了「买入持有」Optimal Portfolio Selection with Transaction Costs and Finite HorizonsJun 2026
• [2002/04] 对手就在隔壁磨刀，你还敢「再等等」吗？Option Exercise Games: An Application to the Equilibrium Investment Strategies of FirmsJun 2026
• [2002/04] 套利者唯一的「内幕」，是他知道自己买了Risk Arbitrage in TakeoversJun 2026
• [2002/04] 借钱越多，出价越软：一场拍卖里的「债务阴影」The Effect of Leverage on Bidding Behavior: Theory and Evidence from the FCC AuctionsJun 2026
• [2002/04] 分析师太好骗：新股长期跑输背后，藏着一笔被'轻信'的账Why New Issues and High-Accrual Firms Underperform: The Role of Analysts’ CredulityJun 2026
• [2002/01] 强经济里的违约潮：是「人」变坏了，还是「想法」变了？An Empirical Analysis of Personal Bankruptcy and DelinquencyJun 2026
• [2002/01] 理性的贝叶斯学习，为什么会长出「行为偏差」的脸Competing Theories of Financial AnomaliesJun 2026
• [2002/01] 动量的利润，是「股票本来就不一样」，还是「价格真的会续命」？Cross-Sectional and Time-Series Determinants of Momentum ReturnsJun 2026
• [2002/01] 能解释一切的理性，恰恰什么都证伪不了Discussion of “Competing Theories of Financial Anomalies”Jun 2026
• [2002/01] 负的协方差，凭什么就证明了「过度反应」？Discussion of “Momentum and Autocorrelation in Stock Returns”Jun 2026
• [2002/01] 不信任自己的模型，于是他把最坏的剧本当了真Discussion of “Robustness and Pricing with Uncertain Growth”Jun 2026
• [2002/01] 被『晾在场边』的悲观者：一个让股价『无缘无故』暴跌的机制Discussion of “Sidelined Investors, Trading-Generated News, and Security Returns”Jun 2026
• [2002/01] 理性的人也会犯错，但理性的人不该一错十年Discussion of “Underreaction to Self-Selected News Events”Jun 2026
• [2002/01] 盖茨的那场「不高兴」：新股为什么总把钱留在桌上Discussion of “Why Don’t Issuers Get Upset About Leaving Money on the Table in IPOs?”Jun 2026
• [2002/01] 你的挂单去了哪个交易所，真的不要紧吗？Does the Limit Order Routing Decision Matter?Jun 2026
• [2002/01] 三个嫌疑人，一桩没有结案的悬案：异象为什么不被套利掉Introduction to Review of Financial Studies Conference on Market Frictions and Behavioral FinanceJun 2026
• [2002/01] 谁来盯着老板？答案藏在「他买了多少」里Investor Activism and Financial Market StructureJun 2026
• [2002/01] 动量到底是「谁」在续命？——当输家与赢家其实在抄同一张作业Momentum and Autocorrelation in Stock ReturnsJun 2026
• [2002/01] 上了网之后，他们交易更勤，钱却越赚越少Online Investors: Do the Slow Die First?Jun 2026
• [2002/01] 指数会「记仇」，期货却转头就忘——一道拆穿短期自相关的现货-期货实验Partial Adjustment or Stale Prices? Implications from Stock Index and Futures Return AutocorrelationsJun 2026
• [2002/01] 跟风不会永远跟下去：当「市场行情」会变，羊群什么时候散场？Persistence and Reversal in Herd Behavior: Theory and Application to the Decision to Go PublicJun 2026
• [2002/01] 解完债券价格，期权定价就只剩「换几个常数」的事Pricing Interest Rate Derivatives: A General ApproachJun 2026
• [2002/01] 利率为什么「跌不破零」却又能「负相关」——二次型期限结构模型的破局Quadratic Term Structure Models: Theory and EvidenceJun 2026
• [2002/01] 连续时间里，资本「没有风险」——那风险溢价从哪儿来？Robustness and Pricing with Uncertain GrowthJun 2026
• [2002/01] 没有新闻的暴跌：被「挡在场外」的人，如何亲手扣动了崩盘的扳机Sidelined Investors, Trading-Generated News, and Security ReturnsJun 2026
• [2002/01] 越赚钱，越不肯借钱——两个资本结构理论，各有一处「死穴」Testing Trade-Off and Pecking Order Predictions About Dividends and DebtJun 2026
• [2002/01] 「我不认识的股票，凭什么不能更便宜？」The Investor Recognition Hypothesis in a Dynamic General Equilibrium: Theory and EvidenceJun 2026
• [2002/01] 拆股这件「小事」，凭什么让市场慢了整整一年？Underreaction to Self-Selected News Events: The Case of Stock SplitsJun 2026
• [2002/01] 一座金矿什么时候关门？——把「实物期权」拖到现实里逐年对账When Are Real Options Exercised? an Empirical Study of Mine ClosingsJun 2026
• [2002/01] 151 万、不，1.51 亿美元留在桌上，他为什么还笑得出来？Why Don’t Issuers Get Upset About Leaving Money on the Table in IPOs?Jun 2026
• [2001] 撑起一本顶刊的，是三百个不收钱的人AcknowledgmentsJun 2026
• [2001] 街上捡到一张百元大钞，你敢信它是真的吗？Assessing Asset Pricing AnomaliesJun 2026
• [2001] 现金为什么堆在日本公司的账上？——一笔被强势银行『劝』出来的窖藏Bank Power and Cash Holdings: Evidence from JapanJun 2026
• [2001] 拆股的那 2.1%，到底有多少是「股利」给的？Disentangling the Dividend Information in Splits: A Decomposition Using Conditional Event-Study MethodsJun 2026
• [2001] 「资本家精神」真能把股价推高吗？——一个被拆成三股力的答案How Does the Spirit of Capitalism Affect Stock Market Prices?Jun 2026
• [2001] 白天的价格在「想事情」，晚上它只是在打盹Information Flow and Pricing Errors: A Unified Approach to Estimation and TestingJun 2026
• [2001] 股权最集中的德国，治理却和英美一样平淡——直到你看它的『动态』Ownership and Control of German CorporationsJun 2026
• [2001] 为什么「买」比「卖」更让市场动容？——一个藏在基金交易规则里的解释Price Impact Asymmetry of Block Trades: An Institutional Trading ExplanationJun 2026
• [2001] 人越多，越要卖「吵得起来」的证券Rational Beliefs and Security DesignJun 2026
• [2001] 披露的三张面孔：为什么「说得越多」，反而有人更想去打探？The Many Faces of Information DisclosureJun 2026
• [2001] 一份没有作者的「论文」：从一页索引里，读出 2001 年的金融学在想什么Title IndexJun 2026