Faculty members from our Department of Finance and Cameron Center for Finance and Securities Analysis are actively involved in scholarly research and teaching.
Finance faculty members have a strong reputation for research on investment management and corporate finance and publish in the leading journals in economics and finance. Below is an ever-evolving list of research citations from our finance faculty.
Chalmers, John, Z. Jay Wang, and Jingyun Yang. "Fund Structure and Liquidity Management: Evidence from Open- vs. Closed-End Municipal Bond Funds." Finance Research Letters 73: 106499. https://doi.org/10.1016/j.frl.2024.106499. March 2025
Chalmers, John, Z. Jay Wang, and Jingyun Yang. "Fund Structure and Liquidity Management: Evidence from Open- Vs. Closed-End Municipal Bond Funds." Finance Research Letters 73: 106499. https://doi.org/10.1016/j.frl.2024.106499. March 2025
Atanassov, Julian, Brandon Julio, and Tiecheng Leng. "The Bright Side of Political Uncertainty: The Case of R&D." The Review of Financial Studies 37, no. 10: 2937-2970. https://doi.org/10.1093/rfs/hhae023. October 2024
McCartney, W. Ben, John Orellana-Li, and Calvin Zhang. "Political Polarization Affects Households' Financial Decisions: Evidence from Home Sales." The Journal of Finance 79, no. 2: 795-841. https://doi.org/10.1111/jofi.13315. April 2024
Conklin, James N., Haoyang Liu, and Calvin Zhang. "Credit Supply Shocks, Home Purchase Volume, and Borrowing Behavior." Real Estate Economics 52, no. 2: 486-513. https://doi.org/10.1111/1540-6229.12462. March 2024
Li, Zhimin, Leslie Sheng Shen, and Calvin Zhang. "Local Effects of Global Capital Flows: A China Shock in the U.S. Housing Market." The Review of Financial Studies 37, no. 3: 761-801. https://doi.org/10.1093/rfs/hhad067. March 2024
Huang, Chien-Yu, Youchang Wu, Yibai Yang, and Zhijie Zheng. "Monetary Policy in a Schumpeterian Growth Model with Vertical R&D Sectors." Journal of Money, Credit and Banking 55, no. 6: 1569-1607. https://doi.org/10.1111/jmcb.12929. September 2023
Wu, Youchang. "Carbon Footprint of Private Equity." In The Palgrave Encyclopedia of Private Equity, edited by Douglas Cumming and Benjamin Hammer. London: Palgrave Macmillan. https://doi.org/10.1007/978-3-030-38738-9_95-1. September 2023
Celil, Hursit S., Brandon Julio, and Srinivasan Selvam. "Investment Sensitivity to Lender Default." Journal of Corporate Finance 79: 102311. https://doi.org/10.1016/j.jcorpfin.2022.102311. April 2023
Ready, Mark J., and Robert C. Ready. "Order Flows and Financial Investor Impacts in Commodity Futures Markets." Review of Financial Studies, 35, no. 10: 4712-4755. https://doi.org/10.1093/rfs/hhac008. October 2022
Chalmers, John, Olivia S. Mitchell, Jonathan Reuter, and Mingli Zhong. "Do State-Sponsored Retirement Plans Boost Retirement Saving?" American Economic Review 112: 142-46. https://doi.org/10.1257/pandp.20221021. May 2022
Chaderina, Maria, Patrick Weiss, and Josef Zechner. "The Maturity Premium." Journal of Financial Economics 144, no. 2: 670-694. https://doi.org/10.1016/j.jfineco.2021.07.008. May 2022
Gofman, Michael, and Youchang Wu. "Trade Credit and Profitability in Production Networks." Journal of Financial Economics 143, no. 1: 593-618. https://doi.org/10.1016/j.jfineco.2021.05.054. January 2022
Busse, Roger. The Essentials of Commercial Banking and Commercial Lending, second edition. Roger S. Busse Publications. July 2021
Wang, Z. Jay, and Jingyun Yang. "Cross-Trading and Liquidity Management: Evidence from Municipal Bond Funds." Pacific-Basin Finance Journal 67. https://doi.org/10.1016/j.pacfin.2021.101564. June 2021
Arena, Matteo P., and Brandon Julio. "Litigation Risk Management through Corporate Payout Policy." Journal of Financial and Quantitative Analysis, forthcoming. https://doi.org/10.1017/S002210902200076X. May 2021
Levine, Oliver, and Youchang Wu. "Asset Volatility and Capital Structure: Evidence from Corporate Mergers." Management Science 67, no. 5: 2657-3320. https://doi.org/10.1287/mnsc.2020.3607. May 2021
Wu, Youchang. "The Causes and Challenges of Low Interest Rates: Insights from Basic Principles and Recent Literature." China Finance Review International 11, no. 2: 145-169. https://doi.org/10.1108/CFRI-06-2020-0071. April 2021
Branikas, Ioannis, and Gabriel Buchbinder. "Advertising Exposure and Investor Attention: Estimates from Super Bowl Commercials." Financial Planning Review 4, no. 1: e1099. https://doi.org/10.1002/cfp2.1099. March 2021
Branikas, Ioannis, and Gabriel Buchbinder. "Advertising Exposure and Investor Attention: Estimates from Super Bowl Commercials." Financial Planning Review 4, no. 1: e1099. https://doi.org/10.1002/cfp2.1099. March 2021
Chalmers, John, Steve Liu, and Z. Jay Wang. "The Difference a Day Makes: Timely Disclosure and Trading Efficiency in the Muni Market." Journal of Financial Economics 139, no. 1: 313-335. https://doi.org/10.1016/j.jfineco.2020.07.015. January 2021
Chalmers, John, Yu (Steve) Liu, and Z. Jay Wang. "The Difference a Day Makes: Timely Disclosure and Trading Efficiency in the Muni Market." Journal of Financial Economics 139, no. 1: 313-335. https://doi.org/10.1016/j.jfineco.2020.07.015. January 2021
Huang, Jing, Steven Matsunaga, and Z. Jay Wang. "The Role of Pension Business Benefits in Institutional Block Ownership and Corporate Governance." Contemporary Accounting Research 37, no. 4: 1959-1989. https://doi.org/10.1111/1911-3846.12587. December 2020
Gofman, Michael, Gill Segal, and Youchang Wu. "Production Networks and Stock Returns: The Role of Vertical Creative Destruction." Review of Financial Studies 33, no. 12: 5856-5905. https://doi.org/10.1093/rfs/hhaa034. December 2020
Chalmers, John, and Jonathan Reuter. "Is Conflicted Advice Better Than No Advice?" Journal of Financial Economics 138, no. 2: 366-387. https://doi.org/10.1016/j.jfineco.2020.05.005. November 2020
Branikas, Ioannis, Harrison G. Hong, and Jiangmin Xu. "Location Choice, Portfolio Choice." Journal of Financial Economics 138, no. 1: 74-94. https://doi.org/10.1016/j.jfineco.2019.10.010. October 2020
Ma, Liang, Antonio S. Mello, and Youchang Wu. "First Mover Advantage, Time to Finance, and Cash Holdings." Journal of Corporate Finance 62. https://doi.org/10.1016/j.jcorpfin.2020.101584. June 2020
Bhagwat, Vineet, Jonathan Brogaard, and Brandon Julio. "A BIT Goes a Long Way: Bilateral Investment Treaties and Cross-border Mergers." Journal of Financial Economics 140, no. 2: 514-538. https://doi.org/10.1016/j.jfineco.2020.12.005. May 2020
Wang, Zhi Jay, Hanjiang Zhang, and Xinde Zhang. "Fire Sales and Impediments to Liquidity Provision in the Corporate Bond Market." Journal of Financial and Quantitative Analysis, forthcoming. https://doi.org/10.1017/S0022109019000991. November 2019
Del Guercio, Diane, and Tracie Woidtke. "Can Strong Corporate Governance Mitigate the Negative Influence of 'Special Interest' Shareholder Activists? Evidence from the Labor Market for Directors." Journal of Financial and Quantitative Analysis 54, no. 4: 1573-1614. https://doi.org/10.1017/S0022109018001217. August 2019
Colacito, Ric, Mariano M. Croce, Federico Gavazzoni, and Robert Ready. "Currency Risk Factors in a Recursive Multicountry Economy." Journal of Finance 73, no. 6: 2719-2756. https://doi.org/10.1111/jofi.12720. December 2018
Del Guercio, Diane, Egemen Genc, and Hai Tran. "Playing Favorites: Conflicts of Interest in Mutual Fund Management." Journal of Financial Economics 128, no. 3: 535-557. https://doi.org/10.1016/j.jfineco.2017.04.012. June 2018
Ready, Robert. "Oil Consumption, Economic Growth, and Oil Futures: The Impact of Long-Run Oil Supply Uncertainty on Asset Prices." Journal of Monetary Economics 94: 1-26. https://doi.org/10.1016/j.jmoneco.2017.09.010. April 2018
Ready, Robert. "Oil Prices and the Stock Market." Review of Finance 22, no. 1: 155-176. https://doi.org/10.1093/rof/rfw071. February 2018
Ready, Robert, Nikolai Roussanov, and Colin Ward. "Commodity Trade and the Carry Trade: A Tale of Two Countries." Journal of Finance 72, no. 6: 2629-2684. https://doi.org/10.1111/jofi.12546. December 2017
Del Guercio, Diane, Elizabeth R. Odders-White, and Mark J. Ready. "The Deterrent Effect of the SEC's Enforcement Intensity on Illegal Insider Trading: Evidence from Run-Up Before News Events." Journal of Law and Economics 60, no. 2: 269-307. https://doi.org/10.1086/693563. May 2017
Ready, Robert, Nikolai Roussanov, and Colin Ward. "After the Tide: Commodity Currencies and Global Trade." Journal of Monetary Economics 85: 69-86. https://doi.org/10.1016/j.jmoneco.2016.11.005. January 2017
Wu, Youchang, Russ Wermers, and Josef Zechner. "Managerial Rents vs. Shareholder Value in Delegated Portfolio Management: The Case of Closed-End Funds." Review of Financial Studies 29, no. 12: 3428-3470. https://doi.org/10.1093/rfs/hhw065. December 2016
Julio, Brandon, and Youngsuk Yook. "Policy Uncertainty, Irreversibility, and Cross-Border Flows of Capital." Journal of International Economics 103: 13-26. https://doi.org/10.1016/j.jinteco.2016.08.004. November 2016
Johnson, Edward, Nicole Bastian Johnson, and Thomas Pfeiffer. "Dual Transfer Pricing with Internal and External Trade." Review of Accounting Studies 21, no. 1: 140-164. https://doi.org/10.1007/s11142-015-9343-x. March 2016
Dangl, Thomas, and Youchang Wu. "Corporate Investment over the Business Cycle." Review of Finance 20, no. 1: 337-371. https://doi.org/10.1093/rof/rfv003. March 2016
Brown, David P., and Youchang Wu. "Mutual Fund Flows and Cross-Fund Learning Within Families." Journal of Finance 71, no. 1: 383-424. https://doi.org/10.1111/jofi.12263. February 2016
Arena, Matteo, and Brandon Julio. "The Effects of Securities Litigation on Corporate Liquidity and Investment Policy." Journal of Financial and Quantitative Analysis 50, no. 1-2: 251-275. https://doi.org/10.1017/S0022109015000010. April 2015
Cherkes, Martin, Jacob S. Sagi, and Z. Jay Wang. "Managed Distribution Policies in Closed-End Funds and Shareholder Activism." Journal of Financial and Quantitative Analysis 49, no. 5-6: 1311-1337. https://doi.org/10.1017/S0022109014000544. December 2014
Chalmers, John, Woodrow T. Johnson, and Jonathan Reuter. "The Effect of Pension Design on Employer Costs and Employee Retirement Choices: Evidence from Oregon." Journal of Public Economics 116: 17-34. https://doi.org/10.1016/j.jpubeco.2013.07.001. August 2014
Del Guercio, Diane, and Jonathan Reuter. "Mutual Fund Performance and the Incentive to Generate Alpha." Journal of Finance 69, no. 4: 1673-1704. https://doi.org/10.1111/jofi.12048. August 2014
Chaderina, Maria, and Richard C. Green. "Predators and Prey on Wall Street." The Review of Asset Pricing Studies 4, no. 1: 1-38. https://doi.org/10.1093/rapstu/rau003. June 2014
Chalmers, John, Adotya Kaul, and Blake Phillips. "The Wisdom of Crowds: Mutual Fund Investors' Aggregate Asset Allocation Decisions." Journal of Banking and Finance 37, no. 9: 3318-3333. https://doi.org/10.1016/j.jbankfin.2013.05.004. September 2013
Julio, Brandon, Erik Gettleman, and Elizabeth Risik. "Option Market Overreaction to Stock Price Changes." Journal of Finance and Risk Perspectives 1, no. 2: 112-129. December 2012
Del Guercio, Diane, and Hai Tran. "Institutional Investor Activism." In Socially Responsible Finance and Investing: Financial Institutions, Corporations, Investors, and Activists, edited by H. Kent Baker and John R. Nofsinger: 359-380. Hoboken, NJ: John Wiley and Sons, Inc. https://doi.org/10.1002/9781118524015. September 2012
Chalmers, John, and Jonathan Reuter. "How Do Retirees Value Life Annuities? Evidence from Public Employees." The Review of Financial Studies 25, no. 8: 2601-2634. https://doi.org/10.1093/rfs/hhs057. August 2012
Mikkelson, Wayne, and Azizjon Alimov. "Does Favorable Investor Sentiment Lead to Costly Decisions to Go Public?" Journal of Corporate Finance 18, no. 3: 519-540. https://doi.org/10.1016/j.jcorpfin.2012.02.004. June 2012
Julio, Brandon, and Youngsuk Yook. "Political Uncertainty and Corporate Investment Cycles." Journal of Finance 67, no. 1: 45-83. https://doi.org/10.1111/j.1540-6261.2011.01707.x. February 2012
Erel, Isil, Brandon Julio, Woojin Kim, and Michael S. Weisbach. "Macroeconomic Conditions and Capital Raising." Review of Financial Studies 25, no. 2: 341-376. https://doi.org/10.1093/rfs/hhr085. February 2012
Wang, Z. Jay, and Vikram Nanda. "Payout Policies and Closed-End Fund Discounts—Signaling, Agency Costs and the Role of Institutional Investors." Journal of Financial Intermediation 20, no. 4: 589-619. https://doi.org/10.1016/j.jfi.2011.02.002. October 2011
Deuskar, Prachi, Joshua M. Pollet, Z. Jay Wang, and Lu Zheng. "The Good or the Bad? Which Mutual Fund Managers Join Hedge Funds?" Review of Financial Studies 24, no. 9: 3008-3024. https://doi.org/10.1093/rfs/hhr057. September 2011
Stoughton, Neal M., Youchang Wu, and Josef Zechner. "Intermediated Investment Management." Journal of Finance 66, no. 3: 947-980. https://doi.org/10.1111/j.1540-6261.2011.01656.x. June 2011
Nohel, Tom, Z. Jay Wang, and Lu Zheng. "Side-by-Side Management of Hedge Funds and Mutual Funds." Review of Financial Studies 23, no. 6: 2342-2373. https://doi.org/10.1093/rfs/hhq008. June 2010
Bergstresser, Daniel, John M. R. Chalmers, and Pater Tufano. "Assessing the Costs and Benefits of Brokers in the Mutual Fund Industry." Review of Financial Studies 22, no. 10: 4129-4156. https://doi.org/10.1093/rfs/hhp022. October 2009
Nanda, Vikram K., Z. Jay Wang, and Lu Zheng. "The ABCs of Mutual Funds: On the Introduction of Multiple Share Classes." Journal of Financial Intermediation 18, no. 3: 329-361. https://doi.org/10.1016/j.jfi.2008.12.003. July 2009
Del Guercio, Diane, and Paula A. Tkac. "Star Power: The Effect of Morningstar Ratings on Mutual Fund Flow." Journal of Financial and Quantitative Analysis 43, no. 4: 907-936. https://doi.org/10.1017/S0022109000014393. December 2008
Del Guercio, Diane, Laura Seery, and Tracie Woidtke. "Do Boards Pay Attention when Institutional Investor Activists 'Just Vote No'?." Journal of Financial Economics 90, no. 1: 84-103. https://doi.org/10.1016/j.jfineco.2008.01.002. October 2008
Dangl, Thomas, Youchang Wu, and Josef Zechner. "Market Discipline and Internal Governance in the Mutual Fund Industry." Review of Financial Studies 21, no. 5: 2307-2343. https://doi.org/10.1093/rfs/hhl031. September 2008
Gutierrez, Roberto C., and Eric K. Kelley. "The Long-Lasting Momentum in Weekly Returns." Journal of Finance 63, no. 1: 415-447. https://doi.org/10.1111/j.1540-6261.2008.01320.x. February 2008
Gutierrez, Roberto C., and Christo A. Prinsky. "Momentum, Reversal, and the Trading Behaviors of Institutions." Journal of Financial Markets 10, no. 1: 48-75. https://doi.org/10.1016/j.finmar.2006.09.002. February 2007
Chalmers, John M. R.. "Systematic Risk and the Muni Puzzle." National Tax Journal 59, no. 4: 833-848. https://doi.org/10.17310/ntj.2006.4.05. December 2006
Cooper, Michael, Roberto C. Gutierrez, and Bill Marcum. "On the Predictability of Stock Returns in Real Time." Journal of Business 78, no. 2: 469-500. https://doi.org/10.1086/427635. March 2005
Julio, Brandon, and David L. Ikenberry. "Reappearing Dividends." Journal of Applied Corporate Finance 16, no. 4: 89-100. https://doi.org/10.1111/j.1745-6622.2004.00010.x. October 2004
Nanda, Vikram, Z. Jay Wang, and Lu Zheng. "Family Values and the Star Phenomenon: Strategies of Mutual Fund Families." Review of Financial Studies 17, no. 3: 667-698. https://doi.org/10.1093/rfs/hhg054. July 2004
Cooper, Michael J., Roberto C. Gutierrez, and Allaudeen Hameed. "Market States and Momentum." Journal of Finance 59, no. 3: 1345-1365. https://doi.org/10.1111/j.1540-6261.2004.00665.x. June 2004
Mikkelson, Wayne, Audra Boone, and David Haushalter. "An Investigation of the Gains from Specialized Equity Claims." Financial Management 32, no. 3: 67-83. September 2003
Del Guercio, Diane, Larry Y. Dann, and M. Megan Partch. "Governance and Boards of Directors in Closed-end Investment Companies." Journal of Financial Economics 69, no. 1: 111-152. https://doi.org/10.1016/S0304-405X(03)00110-7. July 2003
Dann, Larry, Diane Del Guercio, and M. Megan Partch. "Governance and Boards of Directors in Closed-End Investment Companies." Journal of Financial Economics 69, no. 1: 111-152. https://doi.org/10.1016/S0304-405X(03)00110-7. July 2003
Mikkelson, Wayne, and Megan Partch. "Do Persistent Large Cash Reserves Hinder Performance?" Journal of Financial and Quantitative Analysis 38, no. 2: 275-294. https://doi.org/10.2307/4126751. June 2003
Busse, Roger. The Essentials of Commercial Lending. Roger S. Busse Publications. March 2003
Mikkelson, Wayne, Vikas Mehrotra, and Megan Partch. "The Design of Financial Policies in Corporate Spinoffs." Review of Financial Studies 16, no. 4: 1359-1388. https://doi.org/10.1093/rfs/hhg027. January 2003
Del Guercio, Diane, and Paula A. Tkac. "The Determinants of the Flow of Funds of Managed Portfolios: Mutual Funds versus Pension Funds." Journal of Financial and Quantitative Analysis 37, no. 4: 523-557. https://doi.org/10.2307/3595011. December 2002
Chalmers, John M. R., Larry Y. Dann, and Jarrad Harford. "Managerial Opportunism? Evidence from Directors' and Officers' Insurance Purchases." Journal of Finance 57, no. 2: 609-636. https://doi.org/10.1111/1540-6261.00436. April 2002
Dann, Larry, Jarrad Harford, and John M. Chalmers. "Managerial Opportunism? Evidence from Directors' and Officers' Insurance Purchases." Journal of Finance 57, no. 2: 609-636. https://doi.org/10.1111/1540-6261.00436. April 2002
Chalmers, John M. R., Roger M. Edelen, and Gregory B. Kadlec. "On the Perils of Financial Intermediaries Setting Security Prices: The Mutual Fund Wild Card Option." Journal of Finance 56, no. 6: 2209-2236. https://doi.org/10.1111/0022-1082.00403. December 2001
Del Guercio, Diane, and Jennifer Hawkins. "The Motivation and Impact of Pension Fund Activism." Journal of Financial Economics 52, no. 3: 293-340. https://doi.org/10.1016/S0304-405X(99)00011-2. June 1999
Chalmers, John M. R., and Gregory B. Kadlec. "An Empirical Study of the Amortized Spread." Journal of Financial Economics 48, no. 2: 159-188. https://doi.org/10.1016/S0304-405X(98)00007-5. May 1998
Chalmers, John M. R. "Default Risk Cannot Explain the Muni Puzzle: Evidence from Municipal Bonds that are Secured by U.S. Treasury Obligations." Review of Financial Studies 11, no. 2: 281-308. https://doi.org/10.1093/rfs/11.2.281. April 1998
Mikkelson, Wayne, Megan Partch, and Kshitij Shah. "Ownership and Operating Performance of Companies that Go Public." Journal of Financial Economics 44, no. 3: 281-307. https://doi.org/10.1016/S0304-405X(97)00006-8. June 1997
Mikkelson, Wayne, and Megan Partch. "The Decline of Takeovers and Disciplinary Managerial Turnover." Journal of Financial Economics 44. no. 2: 205-228. https://doi.org/10.1016/S0304-405X(97)00003-2. May 1997
Busse, Roger. Business Profiles: How Banks Analyze Your Business. Roger S. Busse Publications. March 1997
Del Guercio, Diane. "The Distorting Effect of the Prudent Man Laws on Institutional Equity Investments." Journal of Financial Economics 40, no 1: 31-62. https://doi.org/10.1016/0304-405X(95)00841-2. January 1996