Table Of Content

INDEX TO VOLUME LXVII AUTHORS ANDERSON, RONALD C. “Family- FAHLENBRACH, RUDIGER “This Time Is Controlled Firms and Informed the Same: Using Bank Performance Trading: Evidence from Short Sales” in 1998 to Explain Bank Perfor- ATANASOV, VLADIMIR “Dues Reputation mance during the Recent Financial Limit Opportunistic Behavior in the Crisis” VC Industry? Evidence from Litiga- FavARA, GIOVANNI “Strategic Default tion against VCs” and Equity Risk Across Countries” BAKKE, ToR-ERIK “Threshold Events FERNANDO, CHITRU S. “The Value and Identification: A Study of Cash of Investment Banking Relation- Shortfalls” ships: Evidence from the Collapse of BARRACLOUGH, KATHRYN “Early Exer- Lehman Brothers” cise of Put Options on Stocks” FISHMAN, MICHAEL J. (see DeMarzo)... BARTRAM, SOHNKE “Why Are USS. FRACASSI, CESARE “External Network- Stocks More Volatile?” ing and Internal Firm Governance.. BOLTON, PATRICK “The Credit Ratings FRANZONI, FRANCESCO “Private Equity Performance and Liquidity Risk” ... BONGAERTS, DION K. “Tiebreaker: Certi- FREIXAS, XAVIER (see Bolton) fication and Multiple Credit Ratings” GARLEANU, NICOLAE “Technological BROWN, GREGORY (see Bartram) Growth and Asset Pricing” BUTLER, ALEXANDER W. (see Gurun)... GABAIX, XAVIER (see Edmans) CETORELLI, NICOLA “Banking Global- GANDE, AMAR “Are Banks Still Special ization and Monetary Transmission” When There Is a Secondary Market COHEN, LAUREN “Decoding Inside Infor- FO LMOMIS: So ose oodtae ean ccmsuedadas GINE, MIREIA (see Cunat) COLLIN-DUFRESNE, PIERRE “On the Rel- GLODE, VINCENT “Financial Expertise ative Pricing of Long-Maturity In- as an Arms Race” dex Options and Collateralized Debt GOETZMANN, WILLIAM N. (see Bon- Obligations” gaerts) CoRWIN, SHANE A. “A Simple Way to Es- GOLDBERG, LINDA S. (see Cetorelli) .... timate Bid-Ask Spreads from Daily GOLDSTEIN, ITAy (see Edmans) High and Low Prices” GOLDSTEIN, ROBERT S. (see Collin- CREMERS, K. J. MARTIIN (see Bongaerts) 113 Dufresne)” CUNAT, VICENTE “The Vote Is Cast: The GOLUBoV, ANDREY “When It Pays to Pay Effect of Corporate Governance on Your Investment Banker: New Evi- Shareholder Value” 1943 dence on the Role of Financial Advi- DEMARZzO, PETER M. “Dynamic Agency sors in M&As” 271 and the gq Theory of Investment”.... 2295 GREEN, RICHARD C. (see Glode) 1723 DuMAS, BERNARD “Incomplete-Market GREENWOOD, ROBIN “Share Issuance Equilibria Solved Recursively on an and Factor Timing” 761 Event Tree” 1897 GRIFFIN, JOHN M. “Did Subjectivity EDGERTON, JESSE “Agency Problems in Play a Role in CDO Credit Ratings?” 1293 Public Firms: Evidence from Corpo- GRULLON, GusTAvVO “Real Options, rate Jets in Leveraged Buyouts”.... 2187 Volatility, and Stock Returns” 1499 EDMANS, ALEX “Dynamic CEO Compen- GUADALUPE, MARIA (see Cunat) 1943 sation” 1603 GuruN, Umit G. “Don’t Believe the EDMANS, ALEX “The Real Effects of Hype: Local Media Slant, Local Ad- Financial Markets: The Impact of vertising, and Firm Value” 561 Prices on Takeovers” ................ 933 GUTHRIE, KATHERINE “CEO Compensa- EREL, IsiL “Determinants of Cross- tion and Board Structure Revisited” 1149 Border Mergers and Acquisitions”... 1045 HANSON, SAMUEL G. (see Greenwood)... 761 2380 The Journal of Finance® HarVEY, CAMPBELL R. “Report of the Ed- MORELLEC, ERWAN “Corporate Gover- itor of The Journal of Finance for the nance and Capital Structure Dynam- Year 2011” HE, Jie “(Jack) Are All Ratings Created MuRFIN, JUSTIN “The Supply-Side De- Equal? The Impact of Issuer Size on terminants of Loan Contract Strict- the Pricing of Mortgage-Backed Se- curities” MYERS, STEWART C. (see Lambrecht)... He, ZHIGUO (see DeMarzo) NIKOLOV, Boris (see Morellec) HERMALIN, BENJAMIN E. “Information Nowak, ERIc (see Franzoni) Disclosure and Corporate Gover- PAstor, Lusos “ Are Stocks Really Less ne ay Pans uve aes undas’ Volatile in the Long Run?” HIRSHLEIFER, Davip “Are Overconfident PANAGEAS, STAVROS (see Garleanu).... CEOs Better Innovators?” PANousI, VASIA “Investment, Idiosyn- Houston, JoEL F. “Regulatory Arbi- cratic Risk, and Ownership” trage and International Bank Flows” PAPANIKOLAOU, DIMITRIS (see Panousi). IVANOV, VLADIMIR (see Atanasov) PARLOUR, CHRISTINE A. “Financial Flex- JIANG, WEI (see Edmans) ibility, Bank Capital Flows, and As- JIANG, WEI “Hedge Funds and Chapter set Prices” 11” Pastor, LusoS “Uncertainty about JOTIKASTHIRA, CHOTIBHAK “Asset Fire Government Policy and Stock Prices” Sales and Purchases and the In- PETMEZAS, DIMITRIS (see Golubov) ternational Transmission of Funding PHALIPPOU, LUDOVIC (see Franzoni).... 0 SIS Set eee are ee PoMORSKI, LUKASZ (see Cohen) JULIO, BRANDON “Political Uncertainty PRILMEIER, ROBERT (see Fahlenbrach) and Corporate Investment Cycles”... Puri, MANJU “On the Life Cycle Dy- KANIEL, RON “Individual Investor Trad- namics of Venture-Capital- and Non- ing and Return Patterns around Venture-Capital-Financed Firms”... Earnings Announcements” PyLe, Davip H. “Minutes of the An- KaPLAN, STEVEN N. “Which CEO Char- nual Membership Meeting, January acteristics and Abilities Matter?” ... 7, 2012” KHAN, MOZAFFAR “Mutual Fund Trad- PYLE, DAviD H. “Report of the Executive ing Pressure: Firm-Level Stock Price Secretary and Treasurer for the Year Impact and Timing of SEOs” Ending September 30, 2011” KLEBANOV, MARK M. (see Kaplan) QIAN, JUN (QJ) (see He) KoGAN, LEONID (see Khan) RAJAN, RAGHURAM G. “Presidential Ad- LAMBRECHT, Bart M. “A Lintner Model dress: The Corporation in Finance” of Payout and Managerial Rents”... RAMADORAI, TARUN (see Jotikasthira). . Li, Kai (see Jiang) RAMADORAI, TARUN “The Secondary Liao, Rose C. (see Erel) Market for Hedge Funds and the Lin, CHEN (see Houston) Closed Hedge Fund Premium” LiTvAK, KATE (see Atanasov) REEB, DaviD M. (see Anderson) Liv, SHUMING (see Kaniel) SAAR, GIDEON (see Kaniel) Low, ANGIE (see Hirshleifer) SaADzIK, TOMASZ (see Edmans) Lowery RICHARD (see Glode,).......... SANNIKOV, YULTY (see Edmans) LUNDBLAD, CHRISTIAN (see Jotikasthira) SaRNO, Lucio (see Menkhoff) LYANDRES, EVGENY (see Grullon) SAUNDERS, ANTHONY (see Gande) LYASOFF, ANDREW (see Dumas)......... SCHURHOFF, NORMAN (see Morellec).... Ma, YUE (see Houston) SCHMELING, MaIk (see Menkhoff)....... MALLOY, CHRISTOPHER (see Cohen) .... SCHNABL, PHILIPP “The International May, ANTHONY D. (see Fernando) Transmission of Bank Liquidity MayeEw, WILLIAM J. “The Power of Voice: Shocks: Evidence from an Emerging Managerial Affective States and Fu- Market” ture Firm Performance” SCHRIMPF, ANDREAS (see Menkhoff)... . . McLean, R. Davip “Why Does the Law SCHROTH, ENRIQUE (see Favara) Matter? Investor Protection and Its SCHULTZ, PAUL (see Corwin) Effects on Investment, Finance, and SERAFEIM, GEORGE (see Kh Growth” SHAPIRO, JOEL (see Bolton) MEGGINSON, WILLIAM L. (see Fernando) SIALM, CLEMENS “Mutual Fund Tax MENKHOFF, LUKAS “Carry Trades and Clienteles” Global Foreign Exchange Volatility” Index to Volume LXVII SoLomon, Davin H. “Selective Publicity WALDEN, JOHAN (see Parlour) and Stock Prices” WAN, KAM-MING (see Guthrie) SORENSEN, MorrtEN (see Kaplan) WANG, NENG (see DeMarzo) STAMBAUGH, ROBERT F. (see Pastor). ... WANG, WEI (see Jiang) STANTON, RICHARD (see Parlour) WEISBACH, MICHAEL S. (see Erel) STARKS, LAURA (see Sialm) WEISBACH, MICHAEL S. (see Hermalin) STRAHAN, PHILIP E. (see He) WHALEY, ROBERT E. (see Barraclough) 1423 STULZ, RENE M. (see Bartram) WHITED, TON! M. (see Bakke) 1083 STULZ, RENE M. (see Fahlenbrach).... XIONG, WEI (see Zhiguo) TANG, DRAGON YONGJUN (see Griffin)... 1293 YANG Fan (see Collin-Dufresne) TATE, GEOFFREY (see Fracassi) 153 Yook, YOUNGSUK (see Julio) TEOH, SIEW Honc (see Hirshleifer).... 1457 Yu, JIANFENG (see Garleanu) THANASSOULIS, JOHN “The Case for ZARUTSKIE, REBECCA (see Puri) Intervening in Bankers’ Pay” ZHANG, TIANYU (see McLean) TITMAN, SHERIDAN (see Kaniel) ZHAO, MENGXIN (see McLean) TRAVLOS, NICKOLAOS G. (see Golubov) 271 ZHAO, WANLI (see Anderson) VALTA, PHILIP (see Favara) ZHDANOV, ALEXEI (see Grullon) VENKATACHALAM, MOHAN (see Mayew) ZHIGUO, HE “Rollover Risk and Credit VERONESI, PIETRO (see Pastor) The Journal of Finance® INDEX TO VOLUME LXVII ARTICLES A Lintner Model of Payout and Man- Corporate Governance and Capital agerial Rents Structure Dynamics Bart M. Lambrecht Erwan Morellec, and Stewart C. Myers Boris Nikolouv, A Simple Way to Estimate Bid-Ask and Norman Schiirhoff Spreads from Daily High and Low Decoding Inside Information Lauren Cohen, Shane A. Corwin Christopher Malloy, and Paul Schultz and Lukasz Pomorski Agency Problems in Public Firms: Evi- Determinants of Cross-Border Mergers dence from Corporate Jets in Lever- and Acquisitions aged Buyouts Isil Erel, Jesse Edgerton Rose C. Liao, and Are All Ratings Created Equal? The Michael S. Weisbach Impact of Issuer Size on the Pricing Did Subjectivity Play a Role in CDO of Mortgage-Backed Securities Credit Ratings? « « cciccee.secsccdaves Jie (Jack) He, John M. Griffin and Jun (QJ) Qian, Dragon Yongjun Tang and Philip E. Strahan Does Reputation Limit Opportunis- Are Banks Still Special When There Is tic Behavior in the VC Industry? a Secondary Market for Loans?..... Evidence from Litigation against Amar Gande and Anthony Saunders Vladimir Atanasov, Are Overconfident CEOs Better Inno- Viadimir Ivanov, VOSOUEE so cle cisccmsadinsccacanatieveds and Kate Litvak David Hirshleifer, Don’t Believe the Hype: Local Media Angie Low, Slant, Local Advertising, and Firm and Siew Hong Teoh Are Stocks Really Less Volatile in the Umit G. Gurun and EQUURCURE os cacwenovecnuseni snangon es Alexander W. Butler Luboé P’Astor and Dynamic Agency and the g Theory of Robert F. Stambaugh Investment Asset Fire Sales and Purchases and the Peter M. Demarzo, International Transmission of Fund- Michael J. Fishman, ing Shocks Zhiguo He, Chotibhak Jotikasthira, and Neng Wang Christian Lundblad, Dynamic CEO Compensation and Tarun Ramadorai Alex Edmans, Banking Globalization and Monetary Xavier Gabaix, Transmission Tomasz Sadzik, Nicola Cetorelli and and Yuliy Sannikov Linda S. Goldberg Early Exercise of Put Options on Stocks Carry Trades and Global Foreign Kathryn Barraclough Exchange Volatility and Robert E. Whaley Lukas Menkhoff, External Networking and Internal Lucio Sarno, Firm Governance Maik Schmeling, Cesare Fracassi and and Andreas Schrimpf Geoffrey Tate CEO Compensation and Board Struc- Family-Controlled Firms and Informed ture Revisited Trading: Evidence from Short Sales Katherine Guthrie, Ronald C. Anderson, Jan Sokolowsky, David M. Reeb, and Kam-Ming Wan and Wanli Zhao 2384 The Journal of Finance® Financial Expertise as an Arms Presidential Address: The Corporation in Finance Vincent Glode, Raghuram G. Rajan Richard C. Green, Private Equity Performance and Liq- and Richard Lowery uidity Risk Financial Flexibility, Bank Capital Francesco Franzoni, Flows, and Asset Prices Eric Nowak, Christine A. Parlour, and Ludovic Phalippou Richard Stanton, Real Options, Volatility, and Stock and Johan Walden MCUPNS . ..0.0505 clacacd ebeeaaeeneees Hedge Funds and Chapter 11 Gustavo Grullon, Wei Jiang, Evgeny Lyandres, Kai Li, and Alexei Zhdanov and Wei Wang Regulatory Arbitrage and Interna- Incomplete-Market Equilibria Solved tional Bank Flows Recursively on an Event Tree Joel F. Houston, Bernard Dumas Chen Lin, and and Andrew Lyasoff Yue Ma Individual Investor Trading and Report of the Editor of The Journal of Return Patterns around Earnings Finance for the Year 2011 Announcements Campbell R. Harvey Ron Kaniel, Report of the Executive Secretary Shuming Liu, and Treasurer for the Year Ending Gideon Saar, September 30. 2011 and Sheridan Titman David H. Pyle Information Disclosure and Corporate Rollover Risk and Credit Risk Governance Zhiguo He and Benjamin E. Hermalin Wei Xiong and Michael S. Weisbach Selective Publicity and Stock Prices... Investment, Idiosyncratic Risk, and David H. Solomon Ownership Share Issuance and Factor Timing.... Vasia Panousi and Robin Greenwood and Dimitris Papanikolaou Samuel G. Hanson Minutes of the Annual Membership Strategic Default and Equity Risk Meeting, January 7, 2012........... Across Coimiries .i.s5.0ciccsSeantenc David H. Pyle Giovanni Favara, Mutual Fund Tax Clienteles Enrique Schroth, Clemens Sialm and Philip Valta and Laura Starks Technological Growth and _ Asset Mutual Fund Trading Pressure: Firm- Pricing Level Stock Price Impact and Timing Nicolae Garleanu, NN circ ica nualievedn weeneevee cs Stavros Panageas, Mozaffar Khan, and Jianfeng Yu Leonid Kogan, The Case for Intervening in Bankers’ and George Serafeim On the Life Cycle Dynamics of Venture- John Thanassoulis Capital- and Non-Venture-Capital- The Credit Ratings Game POMGNCOG FINNS... ..5200060cecssece’ Patrick Bolton, Manju Puri and Xavier Freixas, Rebecca Zarutskie and Joel Shapiro On the Relative Pricing of Long- The Internaiional Transmissiou of Maturity Index Options and Collat- Bank Liquidity Shocks: Evidence eralized Debt Obligations.. ........ from an Emerging Market Pierre Collin-Dufresne, Philipp Schnabl Robert S. Goldstein, The Power of Voice: Managerial Affec- and Fan Yang tive States and Future Firm Perfor- Political Uncertainty and Corporate mance Investment Cycles .................. William J. Mayew Brandon Julie and Mohan Venkatachalam and Youngsuk Yook Index to Volume LXVII The Real Effects of Financial Markets: Tiebreaker: Certification and Multiple The Impact of Prices on Takeovers... Credit Ratings Alex Edmans, Dion Bongaerts, Itay Goldstein, K. J. Martijn Cremers, and Wei Jiang and William N. Goetzmann The Secondary Market for Hedge Uncertainty about Government Policy Funds and the Closed Hedge Fund and Stock Prices Premium Lubos Pastor Tarun Ramadorai and Pietro Veronesi The Supply-Side Determinants of Loan When It Pays to Pay Your Investment Contract Strictness Banker: New Evidence on the Role of Justin Murfin Financial Advisors in M&As The Value of Investment Banking Andrey Golubov, Relationships: Evidence from the Dimitris Petmezas, Collapse of Lehman Brothers and Nickolaos G. Travlos Chitru S. Fernando, Which CEO Characteristics and Abili- Anthony D. May, ties Matter? : qo.i cteie tieaesssaes an and William L. Megginson Steven N. Kaplan, The Vote Is Cast: The Effect of Cor- Mark M. Klebanov, porate Governance on Shareholder and Morten Sorensen Why Are U.S. Stocks More Volatile?... Vicente Cunat, Séhnke M. Bartram, Mireia Gine, Gregory Brown, and Maria Guadalupe and René M. Stulz This Time Is the Same: Using Bank Why Does the Law Matter? Investor Performance in 1998 to Explain Protection and Its Effects on Invest- Bank Performance auring the Recent ment, Finance, and Growth Financial Crisis R. David McLean, Riidiger Fahlenbrach, Tianyu Zhang, Robert Prilmeier, and Mengxin Zhao and René M. Stulz Threshold Events and Identification: A Study of Cash Shortfalls Tor-Erik Bakke and Toni M. Whited