Table Of Content

INDEX TO VOLUME LXVI ARTICLES A Unified Theory of Tobin’s g, Cor- Do Buyouts (Still) Create Value?... porate Investment, Financing, and Shourun Guo, Risk Management Edith S. Hotchkiss, Patrick Bolton, and Weihong Song Hui Chen, Do Individual Investors Have Asym- and Neng Wang metric Information Based on Work Ambiguous Information, Portfolio Iner- BRPOSIONOO? 6. oe as.c crnpcaciues tia, and Excess Volatility Trond M. Doskeland Philipp Karl Illeditsch and Hans K. Hvide Are All Inside Directors the Same? Ev- Does Algorithmic Trading Improve idence from the External Director- Liquidity? ship Market : Terrence Hendershott, Ronald W. Masulis Charles M. Jones, and Shawn Mobbs and Albert J. Menkveld Are Incentive Contracts Rigged by Does Poor Performance Damage the Powertul CHOS?. oc .us osecescscsesce Reputation of Financial Intermedi- Adair Morse, aries? Evidence from the Loan Syn- Vikram Nanda, dication Market PE aT er and Amit Seru Radhakrishnan Gopalan, Are Options on Index Futures Prof- Vikram Nanda, itable for Risk-Averse Investors? Em- and Vijay Yerramilli pirical Evidence... Employee Stock Options and George M. Constantinides, Investment. . Michal Czerwonko, Ilona Babenko, Jens Carsten Jackwerth, Michael Lemmon, and Stylianos Perrakis and Yuri Tserlukevich Asset Pricing with Garbage .... Estimation and Evaluation of Condi- Alexi Savov tional Asset Pricing Models....... Bankruptcy and the Collateral Stefan Nagel Channel and Kenneth J. Singleton Efraim Benmelech Explaining the Magnitude of Liq- and Nittai K. Bergman uidity Premia: The Roles of Re- Concentrating on Governance.. turn Predictability, Wealth Shocks, Dalida Kadyrzhanova and and State-Dependent Transaction Matthew Rhodes-Kropf Costs. Corporate Governance, Product Anthony W. Lynch Market Competition, and Equity and Sinan Tan 3 Financial Distress and the Cross- Xavier Giroud section of Equity Returns...... and Holger M. Mueller Lorenzo Garlappi Derivative Pricing with Liquidity Risk: and Hong Yan Theory and Evidence from the Credit Free Cash Flow, Issuance Costs, and Default Swap Market Stock Prices. Dion Bongaerts, Jean-Paul DéCamps, Frank de Jong, Thomas Mariotti, and Joost Driessen Jean-Charles Rochet, Did Structured Credit Fuel the LBO and Stéphane Villeneuve Boom? In Search of Attention Anil Shivdasani Zhi Da, and Yihui Wang Joseph Engelberg, Disasters Implied by Equity Index Op- and Pengjie Gao Wace vow vcr dod vmicewndusteeceneeees Individual Investors and Volatility... David Backus, Thierry Foucault, Mikhail Chernov, David Sraer, and Ian Martin 1969 and David J. Thesmar 1369 2253 2254 The Journal of Finance® Information Disclosure, Cognitive Prices or Knowledge? What Drives Biases, and Payday Borrowing Demand for Financial Services in Marianne Bertrand Emerging Markets?................. and Adair Morse Shawn Cole, Institutional Trade Persistence and Thomas Sampson, Long-Term Equity Returns ......... and Bilal Zia Amil Dasgupta, Private Equity and Long-Run Invest- Andrea Prat, ment: The Case of Innovation and Michela Verardo Josh Lerner, Intermediated Investment Manage- Morten Sorensen, ment and Per Strémberg Neal M. Stoughton, Public Information and Coordination: Youchang Wu, Evidence from a Credit Registry Ex- and Josef Zechner pansion IQ and Stock Market Participation ... Andrew Hertzberg, Mark Grinbiatt, José Maria Liberti, Matti Keloharju, and Daniel Paravisini and Juhani Linnainmaa Public Pension Promises: How Big Are Land and Credit: A Study of the Po- They and What Are They Worth?... litical Economy of Banking in the Robert Novy-Marx United States in the Early 20th and Joshua Rauh Century Regulatory Uncertainty and Market Raghuram G. Rajan Liquidity: The 2008 Short Sale Ban’s and Rodney Ramcharan Impact on Equity Option Markets .. Leverage, Moral Hazard, and Robert Battalio Liquidity and Paul Schultz Viral V. Acharya Rollover Risk and Market Freezes .... and S. Viswanathan Viral V. Acharya, Local Dividend Clienteles............. Douglas Gale, Bo Becker, and Tanju Yorulmazer Zoran Ivkovié, Security Issue Timing: What Do Man- and Scott Weisbenner agers Know, and When Do They Motivating Innovation oe |< i ee opine crs Serre Gustavo Manso Dirk Jenter, Municipal Debt and Marginal Tax Katharina Lewellen, Rates: Is There a Tax Premium in and Jerold B. Warner Asset Prices? Stock Market Liquidity and the Busi- Francis A. Longstaff ness Cycle Nonbinding Voting for Shareholder Randi Nes, oo| Renerece rere Johannes A. Skjeltorp, Doron Levit and Bernt Arne Odegaard and Nadya Malenko Stressed, Not Frozen: The Federal Overconfidence and Early-Life Ex- Funds Market in the Financial periences: The Effect of Manage- rial Traits on Corporate Financial Gara Afonso, BMRB iaitsins Cane be ctlciviad Warhe om Anna Kovner, Ulrike Malmendier, and Antoinette Schoar Geoffrey Tate, Style-Related Comovement: Funda- and Jon Yan mentaia or Labels? 3. :.055 3c ccees8oss Overconfidence, Compensation Con- Brian H. Boyer tracts, and Capital Budgeting Systemic Liquidation Risk and Simon Gervais, the Diversity—Diversification J. B. Heaton, Trade-Off and Terrance Odean Wolf Wagner Presidential Address: Discount Tails, Fears, and Risk Premia Tim Bollerslev John H. Cochrane and Viktor Todorov Index to Volume LXVI The Causal Impact of Media in Finan- Watch What I Do, Not What I Say: CHAE NIGMEC Se he bsccc sive ss ca wcasenten e The Unintended Consequences of the Joseph E. Engelberg Homeland Investment Act and Christopher A. Parsons Dhammika Dharmapala, The Decision to Privatize: Finance and C. Fritz Foley, PUMUIcn ees ents os wnvedaus and Kristin J. Forbes I. Serdar Dine When Is a Liability Not a Liability? and Nandini Gupta Textual Analysis, Dictionaries, and The Iliquidity of Corporate Bonds.... 10-Ks.... Jack Bao, Tim Loughran Jun Pan, and Bill McDonald and Jiang Wang Who Drove and Burst the Tech The Interim Trading Skills of Institu- Bubble? CiOHIGL INVOBLORE oo... onc dae ceccees John M. Griffin, Andy Puckett Jeffrey H. Harris, and Xuemin (Sterling) Yan Tao Shu, The Internal Governance of Firms.... and Selim Topaloglu Viral V. Acharya, Why Do Mutual Fund Advisory Stewart C. Myers, Contracts Change? Performance, and Raghuram G. Rajan 689 Growth, and Spillover Effects....... The Joy of Giving or Assisted Living? Jerold B. Warner Using Strategic Surveys to Separate and Joanna Shuang Wu Public Care Aversion from Bequest Why Don’t U.S. Issuers Demand Euro- [i Oneaarti n ey entre John Ameriks, Mark Abrahamson, Andrew Caplin, Tim Jenkinson, Steven Laufer, and Howard Jones 2055 and Stijn Van Nieuwerburgh The Real and Financial Implications of Corporate Hedging Murillo Campello, Chen Lin, Yue Ma, and Hong Zou INDEX TO VOLUME LXVI AUTHORS ABRAHAMSON, Mark “Why Don’t U.S. COCHRANE, JOHN H. “Presidential Ad- Issuers Demand European Fees for dress: Dis. ,unt Rates” COLE, SHAWN “Prices or Knowledge? ACHARYA, VIRAL V. “Leverage, Moral What Drives Demand for Financial Hazard, and Liquidity” Services in Emerging Markets?”.... ACHARYA, VIRAL V. “Rollover Risk and CONSTANTINIDES, GEORGE M. “Are Op- Market Freezes” tions on Index Futures Profitable ACHARYA, VIRAL V. “The Internal Gov- for Risk-Averse Investors? Empirical ernance of Firms” Evidence” AFONSO, GARA “Stressed, Not Frozen: CZERWONKO, MICHAL (see Constan- The Federal Funds Market in the tinides).. Financial Crisis” 1109 Da, ZHI “In Search of Attention” AMERIKS, JOHN “The Joy of Giving DasGupta, AMIL “Institutional Trade or Assisted Living? Using Strate- Persistence and Long-Term Equity gic Surveys to Separate Public Care Returns” .. Aversion from Bequest Motives” .... 519 DECampPs, JEAN-PAUL “Free Cash Flow, BABENKO, ILONA “Employee Stock Op- Issuance Costs, and Stock Prices”... tions and Investment” 981 DHARMAPALA, DHAMMIKA “Watch What I Backus, Davip “Disasters Implied by Do, Not What I Say: The Unintended Equity Index Options” 1969 Consequences of the Homeland In- BAO, JACK “The Illiquidity of Corporate vestment Act” 911 Dinc, I. SERDAR “The Decision to Priva- BATTALIO, ROBERT “Regulatory Uncer- tize: Finance and Politics” tainty and Market Liquidity: The DRIESSEN, JOOST (see Bongaerts) 2008 Short Sale Ban’s Impact on Eq- D@SKELAND, TROND M. “Do _ Individ- uity Option Markets” ual Investors Have Asymmetric BECKER, Bo “Local Dividend Cliente- Information Based on Work les” Experience?” BENMELECH, EFRAIM “Bankruptcy and ENGELBERG, JOSEPH E. “The Causal Im- the Collateral Channel” pact of Media in Financial Markets” BERGMAN, NITTAI ENGELBERG, JOSEPH (see Da) Benmelech) FOLEY, C. Fritz (see Dharmapala) BERTRAND, MARIANNE “Information Dis- FORBES, KRISTIN J. (see Dharmapala). . closure, Cognitive Biases, and Pay- FOUCAULT, THIERRY “Individual In- day Borrowing” vestors and Volatility” BOLLERSLEV, TIM “Tails, Fears, and GALE, DOUGLAS (see Acharya) Risk Premia” GAO, PENGJIE (see Da) BOLTON, PATRICK “A Unified Theory of GARLAPPI, LORENZO “Financial Distress Tobin’s g, Corporate Investment, Fi- and the Cross-section of Equity nancing, and Risk Management” ... Returns” .. BONGAERTS, DION “Derivative Pricing GERVAIS, SIMON “Overconfidence, Com- with Liquidity Risk: Theory and pensation Contracts, and Capital Evidence from the Credit Default Budgeting” Swap Market” GIROUD, XAVIER “Corporate Gover- BOYER, BRIAN H. “Style-Related nance, Product Market Competition, Comovement: Fundamentals or and Equity Prices” Labels?” GOPALAN, RADHAKRISHNAN “Does Poor CAMPELLO, MURILLO “The Real and Fi- Performance Damage the Reputa- nancial Implications of Corporate tion of Financial Intermediaries? Ev- Hedging” idence from the Loan Syndication CAPLIN, ANDREW (see Ameriks) Market” CHEN, HUuI (see Bolton) GRIFFIN, JOHN M. “Who Drove and CHERNOV, MIKHAIL (see Backus) Burst the Tech Bubble?” 2258 The Journal of Finance® GRINBLATT, MARK “IQ and Stock Market MaARIOTTI, THOMAS (see DéCamps) Participation” ManrrIn, IAN (see Backus).............. Guo, SHOURUN “Do Buyouts (Still) Cre- MASULIS, RONALD W. “Are All Inside Di- ate Value?” rectors the Same? Evidence from the Gupta, NANDINI (see Dinc) External Directorship Market” Harris, JEFFREY H. (see Griffin) McDONALD, BILL (see Loughran) HEATON, J. B. (see Gervais) MENKVELD, ALBERT J. (see Hender- HENDERSHOTT, TERRENCE “Does Algo- shott) rithmic Trading Improve Liquidity?” Moprss, SHAWN (see Masulis) HERTZBERG, ANDREW “Public Informa- MokrsgE, ADAIR (see Bertrand) tion and Coordination: Evidence Morse, Apair “Are Incentive Contracts from a Credit Registry Expansion”. . Rigged by Powerful CEOs?” HOTCHKISS, EDITH S. (see Guo) MUELLER, HOLGER M. (see Giroud).... Hvipe, Hans K. (see Dgskeland) MYERS, STEWART C. (see Acharya) ILLEDITSCH, PHILIPP KARL “Ambiguous NAGEL, STEFAN “Estimation and Eval- Information, Portfolio Inertia, and uation of Conditional Asset Pricing Excess Volatility” Models” IvKoviIC, ZORAN (see Becker) NANDA, VIKRAM (see Gopalan) JACKWERTH, JENS CARSTEN (see Con- NANDA, VIKRAM (see Morse) stantinides) NIEUWERBURGH, STIJN VAN (see JENKINSON, TIM (see Abrahamson) .... Ameriks) JENTER, DIRK “Security Issue Timing: Novy-MARx, ROBERT “Public Pension What Do Managers Know, and When Promises: How Big Are They and Do They Know It?” What Are They Worth?” JONES, CHARLES M. (see Hendershott). Nas, RANpDI “Stock Market Liquidity JONES, HOWARD (see Abrahamson) .... and the Business Cycle” JONG, FRANK DE (see Bongaerts) ODEAN, TERRANCE (see Gervais) KADYRZHANOVA, DALIDA “Concentrating @DEGAARD, BERNT ARNE (see Nees) on Governance” PAN, JUN (see Bao) KELOHARJU, MATTI (see Grinblatt) PARAVISINI, DANIEL (see Hertzberg).... KOVNER, ANNA (see Afonso) PARSONS, CHRISTOPHER A. (see Engel- LAUFER, STEVEN (see Ameriks) berg) LEMMON, MICHAEL (see Babenko) PERRAKIS, STYLIANOS (see Constan- LERNER, JOSH “Private Equity and tinides) Long-Run Investment: The Case of PRAT, ANDREA (see Dasgupta) Innovation” PuckeTT, ANDY “The Interim Trading LEviT, DoRON “Nonbinding Voting for Skills of Institutional Investors” .... Shareholder Proposals” RAJAN, RAGHURAM G. (see Acharya).... LEWELLEN, KATHARINA (see Jenter).... RAJAN, RAGHURAM G. “Land and Credit: LIBERTI, JOSE MARIA (see Hertzberg) . . A Study of the Political Economy of LIN, CHEN (see Campello) Banking in the United States in the LINNAINMAA, JUHANI (see Grinblatt)... Early 20th Century” 1895 LONGSTAFF, FRANCIS A. “Municipal Debt RAMCHARAN, RODNEY (see Rajan) 1895 and Marginal Tax Rates: Is There a RAUH, JOSHUA (see Novy-Marx) 1211 Tax Premium in Asset Prices?” RHODES-KROPF, MATTHEW LOUGHRAN, TIM “When Is a Liability Kadyrzhanova) 1649 Not a Liability? Textual Analysis, ROCHET, JEAN-CHARLES (see DéCamps) 1501 Dictionaries, and 10-Ks” SAMPSON, THOMAS (see Cole) 1933 LyncH, ANTHONY W. “Explaining the Savov, ALExI “Asset Pricing with Magnitude of Liquidity Premia: Garbage” 177 The Roles of Return Predictabil- ScHOAR, ANTOINETTE 1109 ity, Wealth Shocks, and State- SCHULTZ, PAUL (see Battalio) 2013 Dependent Transaction Costs” SERU, AMIT (see Morse) 1 ef8 MA, YUE (see Campello) SHIVDASANI, ANIL “Did Structured Credit Fuel the LBO Boom?” 1291 MALMENDIER, ULRIKE “Overconfidence Suu, TAO (see Griffin) 1251 and Early-Life Experiences: The Ef- SINGLETON, KENNETH J. (see Nagel).... 873 fect of Managerial Traits on Corpo- SKJELTORP, JOHANNES A. (see Nees).... 139 rate Financial Policies” 1687 SONG, WEIHONG (see Guo) 479 MANso, Gustavo “Motivating Innova- SORENSEN, MorTEN (see Lerner) 445 1823 SRAER, DAVID (see Foucault) Index to Volume LXVI STOUGHTON, NEAL M. “Intermediated WANG, YIHUI (see Shivdasani) Investment Management” WARNER, JEROLD B. (see Jenter) STROMBERG, PER (see Lerner)... WARNER, JEROLD B. “Why Do Mutual TAN, SINAN (see Lynch) Fund Advisory Contracts Change? TATE, GEOFFREY (see Malmendier) Performance, Growth, and Spillover THESMAR, DavID J. (see Foucault) Effects” TODOROV, VIKTOR (see Bollerslev) WEISBENNER, SCOTT (see Becker) TOPALOGLU, SELIM (see Griffin) Wu, JOANNA SHUANG (see Warner) TSERLUKEVICH, YURI (see Babenko).... Wu, YOUCHANG (see Stoughton) VERARDO, MICHELA (see Dasgupta) .... YAN, HONG (see Garlappi) VILLENEUVE, STEPHANE (see DéCamps) YAN, JON (see Malmendier) VISWANATHAN, S. (see Acharya) YAN, XUEMIN (STERLING) (see Puckett). WAGNER, WOLF “Systemic Liqui- YERRAMILLI, VIJAY (see Gopalan) dation Risk and the Diversity— YORULMAZER, TANJU (see Acharya) .... Diversification Trade-Off” ZECHNER, JOSEF (see Stoughton) WANG, JIANG (see Bao) Z1A, BILAL (see Cole) WANG, NENG (see Bolton) Zou, HONG (