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…
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…
Marina Gertsberg, Hae Won (Henny) Jung, and Yuyang Zhang ♦ This paper examines how companies respond to negative ESG incidents by appointing directors with charitable organization experience. Firms are more likely to make these appointments following high-profile ESG incidents, especially…
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…
Julian Atanassov and Vikram Nanda ♦ We hypothesize that increases in federal spending financed by government borrowing crowd out innovative firms from financial markets. We find that unexpected defense spending shocks are followed by lower R&D investment and subsequent declines…
Yu-Jane Liu, Juanjuan Meng, Dalin Sheng, Guangxin Yang, and Yu Zhang ♦ We investigate “spiritual insurance” — a mental strategy for coping with risk, where individuals engage in good deeds, including donations, in exchange for perceived blessings and protection. Using…
