Praveen Kumar and Vijay Yerramilli ♦ We find that capital investment and net debt issuance of large firms are, on average, more sensitive to industry business cycles than those of small firms, in stark contrast to the effect of size…
Maik Schmeling and Christian Wagner ♦ This paper shows that changes in the tone of central bank communication havea significant effect on asset prices. Tone captures how the central bank frames economic fundamentals and its monetary policy. A positive tone…
Yifei Zhang ♦ This study examines whether and how corporate venture capital (CVC) spurs changes in firm scope. Using two sets of text-based metrics about firm scope, I document that CVC investments are strongly associated with subsequent firm scope changes…
The JFQA thanks Mara for her years of service and welcomes Kai Li as a Managing Editor. Kai is a Fellow of the Royal Society of Canada (Class of 2022) and holds the Canada Research Chair in Corporate Governance and…
Bjorn Eraker ♦ Dynamic equilibrium models based on present value computation imply that returns are predictable but also generate particular short-term patterns of predictability in asset returns. I take advantage of this to construct a set of tests of Equilibrium…
JFQA Managing Editors are happy to welcome Alice Bonaimé (University of Arizona), Jiekun Huang (University of Illinois), Po-Hsuan Hsu (National Tsing Hua University), and Denis Sosyura (Arizona State University) as Associate Editors.
