Youchang Wu and Xuanyu Bai ♦ We examine the effect of private equity buyouts on environmental performance of U.S. fossil fuel power plants. Output-scaled CO2 emissions are, on average, 4.2% lower after buyouts, predominantly because of fuel-saving improvements in production…
Sunil Wahal and Albert Y. Wang ♦ We measure flow diversification in mutual funds using the cross-sectional correlation of daily flows across investor clienteles. Greater flow diversification is associated with lower future flow volatility, smaller subsequent outflows, and lower cash…
George Pennacchi is retiring and will step down as a Managing Editor of the journal effective September 1, 2026. He will continue to handle his assigned manuscripts in process or in R&R status, but will not handle any new submissions…
Andrés Alonso-Robisco, José Manuel Carbó, Pedro Jesús Cuadros-Solas, and Jara Quintanero ♦ This paper investigates the impact of open banking on the dynamics of fintech firms. Using a unique dataset of Spanish fintech firms from 2014 to 2022, we exploit…
Laurie Ciaramella; David Heller; and Leo Leitzinger ♦ This study examines the role of intellectual property (IP) rights as loan collateral in debt financing. We use novel data from French IP registers combined with firm-level financial information to systematically document…
Xindi He and Ning Zhu ♦ Standard portfolio-choice models treat cash as fungible. Using positions and transfer records for 46,016 Chinese investors, we show that brokerage cash is non-fungible and that cash-source effects refresh and decay. We label inflows from…
