Table Of Content

INDEX TO VOLUME LXVIII AUTHORS ACHARYA, VIRAL V. “Aggregate Risk and CHEN, JOSEPH “Outsourcing Mutual the Choice between Cash and Lines Fund Management: Firm Bound- of Credit” aries, Incentives, and Performance” AGARWAL, VIKAS “Uncovering Hedge CHRISTOFFERSEN, SUSAN E. K. “What Do Fund Skill from the Portfolio Hold- Consumers’ Fund Flows Maximize? ings They Hide” Evidence from Their Brokers’ Incen- ALMEIDA, HEITOR (see Acharya) tives” ALP, AYSUN “Structural Shifts in Credit Cocco, JoAo F. “Evidence on the Ben- Rating Standards” efits of Alternative Mortgage Prod- ASNESS, CLIFFORD S. “Value and Mo- ucts” mentum Everywhere” COLACITO, RICCARDO “International As- ASPAROUHOVA, ELENA “Noisy Prices and set Pricing with Recursive Prefer- Inference Regarding Returns” ences” ATANASSOV, JULIAN “Do Hostile CoLLA, PAOLO “Debt Specialization” ... Takeovers Stifle Innovation? Evi- CONRAD, JENNIFER “Ex Ante Skewness dence from Antitakeover Legislation and Expected Stock Returns” and Corporate Patenting” CORNELLI, FRANCESCA “Monitoring AXELSON, ULF “Borrow Cheap, Buy Managers: Does It Matter?”......... High? The Determinants of Leverage Covitz, DANIEL “The Evolution of a Fi- and Pricing in Buyouts” nancial Crisis: Collapse of the Asset- BANERJEE, SNEHAL “The Cost of Short- Backed Commercial Paper Market”. Selling Liquid Securities” CROCE, MARIANO M. (see Colacito).... BEBER, ALESSANDRO “Short-Selling DELLAVIGNA, STEFANO “Capital Budget- Bans Around the World: Evidence ing versus Market Timing: An Eval- from the 2007-09 Crisis” uation Using Demographics” BEN-DavID, ITZHAK “Do Hedge Funds DERRIEN, FRANCOIS “The Real Effects of Manipulate Stock Prices?” .......... Financial Shocks: Evidence from Ex- BESSEMBINDER, HENDRIK (see As- ogenous Changes in Analyst Cover- parouhova) BHARATH, SREEDHAR T. “Exit as Gover- Dinc, I. SERDAR “Economic Nationalism nance: An Empirical Analysis”...... in Mergers and Acquisitions” BHATTACHARYA, UTPAL “Conflicting DITTMAR, ROBERT F. (see Conrad) Family Values in Mutual Fund DRECHSLER, ITAMAR “Uncertainty, Families” Time-Varying Fear, and _ Asset BLAKE, David “Decentralized Invest- Prices” ment Management: Evidence from DUCHIN, RAN “Divisional Managers and the Pension Fund Industry” Internal Capital Markets” BoGuTH, OLIVER “Consumption Volatil- DuyGAN-Bump, Burcu “How Effective Were the Federal Reserve Emer- BROWN, JAMES R. “Law, Stock Markets, gency Liquidity Facilities? Evidence and Innovation” from the Asset-Backed Commercial BRUNNERMEIER, MARKUS K. “The Matu- Paper Money Market Mutual Fund rity Rat Race” Liquidity Facility” CABALLERO, RICARDO J. “Fire Sales in a EILING, ESTHER “Industry-Specific Hu- Model of Complexity” man Capital, Idiosyncratic Risk, and CAMPELLO, MURILLO (see Acharya).... the Cross-Section of Expected Stock Cao, MELANIE “Optimal CEO Compen- Returns” sation with Search: Theory and Em- EISFELDT, ANDREA L. “Organization pirical Evidence” Capita! and the Cross-Section of Ex- CARLIN, IAN BRUCE “Trading Complex pected Returns” Assets” 2692 The Journal of Finance® ELLUL, ANDREW “Stronger Risk Con- KELLY, BRYAN “Market Expectations in trols, Lower Risk: Evidence from the Cross-Section of Present Values” U.S. Bank Holding Companies” KOGAN, SHIMON (see Carlin) EREL, ISIL (see Dinc) KOLASINSKI, ADAM C. “A Multiple EVANS, RICHARD (see Christoffersen). . Lender Approach to Understanding FOUCAULT, THIERRY “Liquidity Cycles Supply and Search in the Equity and Make/Take Fees in Electronic Lending Market” Marvkets” KOMINEK, ZBIGNIEW (see Cornelli) FRANZONI, FRANCESCO (see Ben-David) KoRNIOTIS, GEORGE M. “State-Level Garcia, DIEGO “Sentiment during Re- Business Cycles and Local Return cessions” Predictability” GARLEANU, NICOLAE “Dynamic Trading KUuBIK, JEFFREY D. (see Chen) with Predictable Returns and Trans- KUEHN, LARS-ALEXANDER (see Boguth) action Costs” Kumar, ALOK (see Korniotis) GARMAISE, MARK J. “Cheap Credit, LANDIER, AUGUSTIN (see Ben-David) .. Lending Operations, and Interna- LEE, JUNG H. (see Bhattacharya) tional Politics: The Case of Global Li, Kal (see Colla) Microfinance” LIANG, NELLIE (see Covitz) GENNAIOLI, NICOLA “A Model of Shadow LINNAINMAA, JUHANI T. “Reverse Sur- vivorship Bias” GHYSELS, ERIC (see Conrad) LJUNGQVIST, ALEXANDER (see Cornelli) GLASER, Markus “Opening the Black LOPEZ-DE-SILANES, FLORENCIO (see Box: Internal Capital Markets and Managerial Power” LowERY, RICHARD (see Carlin) GRAVELINE, JEREMY J. (see Banerjee)... Makarov, IGOR “Equilibrium Subprime Gutso, Luci “The Determinants of At- Lending” titudes toward Strategic Default on MAKSIMOVIC, VOJISLAV “Private and Mortgages” Public Merger Waves” HANN, REBECCA N. “Corporate Diversi- MANCINI, LORIANO “Liquidity in the fication and the Cost of Capital”.... Foreign Exchange Market: Measure- Hassan, TAREK A. “Country Size, Cur- ment, Commonality, and Risk Premi- rency Unions, and International As- ums” set Returns” MARTINSSON, GUSTAV (see Brown) HiLary, GILLES “Analyst Forecast Con- Mironov, Maxim “Taxes, Theft, and sistency” Firm Performance” HONG, HARRISON (see Chen) MoskowlTz, ToBIAS J. (see Asness).... Hsu, CHARLES (see Hilary) MoskowITz, ToBIAs J. (see Kaplan)... Hu, GRACE XING “Noise as Information MoussawI, RABIH (see Ben-David).... for Illiquidity” Musto, Davin K. (see Christoffersen) . IPPOLITO, FILIPPO (see Colla) NaGar, VENKY (see Bharath) JAYARAMAN, SUDARSHAN (see Bharath) NATIVIDAD, GABRIEL (see Garmaise)... JENKINSON, TIM (see Axelson) OEHMKE, MARTIN (see Brunnermeier). JIANG, WEI (see Agarwal) OGNEVA, MarIA (see Hann) JIANG, WENXI (see Chen) OzBAS, OGUZHAN (see Hann) KADAN, OnAD (see Foucault) PAGANO, MaArRco (see Beber) KALCHEVA, IVALINA (see Asparouhova) PAN, JUN (see Hu) KALEMLI-OZCAN, SEBNEM “Financial PAPAIOANNOU, ELIAS’ (see Kalemli- Regulation, Financial Globalization, and the Synchronization of Economic PAPANIKOLAOU, DIMITRIS (see Eisfeldt) Activity” PARKINSON, PATRICK (see Duygan- KAN, RAYMOND “Pricing Model Per- formance and the Two-Pass Cross- PATTON, ANDREW J. “On the High- Sectional Regression Methodology” . Frequency Dynamics of Hedge Fund KANDEL, EUGENE (see Foucault) Risk Exposures” KAPLAN, STEVEN N. “The Effects of PEDERSEN, LASSE HEJE (see Asness)... Stock Lending on Security Prices: An PEDERSEN, LASSE HEJE (see Garleanu) Experiment” PEREZ-GONZALEZ, FRANCISCO “Risk KECSKES, AMBRUS (see Derrien) Management and Firm Value: KELLEY, Eric K. “How Wise Are Evidence from Weather Derivatives” Crowds? Insights from Retail Orders PETERSEN, BRUCE C. (see Brown) and Stock Returns” Index to Volume LXVIII PEyDRO, JOSE-LuIs (see Kalemli- SosyurRA, DENIS (see Duchin) SPIEGEL, MATTHEW “Dynamic Competi- PHILIPPON, THOMAS “Efficient Recapi- tion, Valuation, and Merger Activity” talization” Strauss, JACK K. (see Rapach) PHILLIPS, GORDON (see Maksimovic) .. STROMBERG, PER (see Axelson) PLANTIN, GUILLAUME (see Makarov)... SUAREZ, Gustavo A. (see Duygan- POLLET, JOSHUA M. (see Dellavigna)... Bump) POOL, VERONIKA K. (see Bhattacharya) SuAREZ, Gustavo A. (see Covitz) PRUITT, SETH (see Kelly) TANG, YUEHUA (see Agarwal) RAMADORAI, TARUN (see Patton) TETLOCK, PAUL C. (see Kelley) RANALDO, ANGELO (see Mancini) TIMMERMANN, ALLAN (see Blake) RaPACH, Davin E. “International Stock TITMAN, SHERIDAN “Presidential Ad- Return Predictability: What Is the dress: Financial Markets and Invest- Role of the United States?”.......... ment Externalities” REED, ADAM V. (see Kolasinski) TONKS, IAN (see Blake) RINGGENBERG, MATTHEW C. (see Ko- TOOKES, HEATHER (see Spiegel) lasinski) VIG, VIKRANT “Access to Collateral and ROBOTTI, CESARE (see Kan) Corporate Debt Structure: Evidence ROSENGREN, ERIC (see Duygan-Bump) from a Natural Experiment” Rossi, ALBERTO G. (see Blake) VISHNY, ROBERT W. (see Gennaioli).... SAPIENZA, PAOLA (see Guiso) WACHTER, JESSICA A. “Can Time- SAUTNER, ZACHARIAS (see Glaser) Varying Risk of Rare Disasters SCHNABL, PHILIPP (see Philippon) Explain Aggregate Stock Market SENSOY, BERK A. (see Kaplan) WORRGHIEGE s c's acs cee snidvacdeeasaes: 987 SEpPI, DUANE J. “Minutes of the An- WANG, JIANG (see Hu) 2341 nual Membership Meeting, January WANG, RONG (see Cao) 2001 WEISBACH, MICHAEL S. (see Axelson).. 2223 SEpPI, DUANE J. “Report of the Execu- WERMERS, Russ (see Blake) 1133 tive Secretary and Treasurer for the WILLEN, PAUL (see Duygan-Bump).... 715 Year Ending September 30, 2012” .. WRAMPELMEYER, JAN (see Mancini)... 1805 SHANKEN, JAY (see Kan) YANG, BAOZHONG (see Agarwal) 739 SHLEIFER, ANDREI (see Gennaioli) YANG, Liu (see Maksimovic) 2177 SIMSEK, ALP (see Caballero) YERRAMILLI, VIJAY (see Ellul) 1757 SINGLETON, KENNETH J. “Report of the YuN, HAYonG (see Pérez-Gonzalez) ... 2143 Editor of The Journal of Finance for ZHOU, GUOFU (see Rapach) the Year 2012” ZINGALES, LUIGI (see Guiso) The Journal of Finance® INDEX TO VOLUME LXVIII ARTICLES A Model of Shadow Banking Corporate Diversification and the Cost Nicola Gennaioli, of Capital Andrei Shleifer, Rebecca N. Hann, and Robert W. Vishny Maria Ogneva, A Multiple Lender Approach to Under- and Oguzhan Ozbas standing Supply and Search in the Country Size, Currency Unions, and Equity Lending Market International Asset Returns Adam C. Kolasinski, Tarek A. Hassan Adam V. Reed, Debt Specialization and Matthew C. Ringgenberg Paolo Colla, Access to Collateral and Corporate Filippo Ippolito, Debt Structure: Evidence from a and Kai Li Natural Experiment Decentralized Investment Manage- Vikrant Vig ment: Evidence from the Pension Aggregate Risk and the Choice be- Fund Industry tween Cash and Lines of Credit David Blake, Viral V. Acharya, Alberto G. Rossi, Heitor Almeida, Allan Timmermann, and Murillo Campello Ian Tonks, Analyst Forecast Consistency and Russ Wermers Gilles Hilary Divisional Managers and Internal Cap- and Charles Hsu ital Markets Borrow Cheap, Buy High? The Deter- Ran Duchin minants of Leverage and Pricing in and Denis Sosyura Buyouts Do Hedge Funds Manipulate Stock Ulf Axelson, PROGR? .......is50sbeagcuaeeeeeeee Tim Jenkinson, Itzhak Ben-David, Per Stromberg, Francesco Franzoni, and Michael S. Weisbach Augustin Landier, Can Time-Varying Risk of Rare Disas- and Rabih Moussawi ters Explain Aggregate Stock Market Do Hostile Takeovers Stifle Innova- WOrstHty? <5 i238 2 sdccessewascuncnees tion? Evidence from Antitakeover Jessica A. Wachter Legislation and Corporate Patenting Capital Budgeting versus Market Tim- Julian Atanassov ing: An Evaluation Using Demo- Dynamic Competition, Valuation, and graphics Merger Activity Stefano Dellavigna Matthew Spiegel and Joshua M. Pollet and Heather Tookes Cheap Credit, Lending Operations, Dynamic Trading with Predictable Re- and International Politics: The Case turns and Transaction Costs of Global Microfinance Nicolae Géarleanu Mark J. Garmaise and Lasse Heje Pedersen and Gabriel Natividad Economic Nationalism in Mergers and Conflicting Family Values in Mutual Acquisitions Fund Families I. Serdar Dinc Utpal Bhattacharya, and Isil Erel Jung H. Lee, Efficient Recapitalization and Veronika K. Pool Thomas Philippon Consumption Volatility Risk and Philipp Schnabl Oliver Boguth Equilibrium Subprime Lending and Lars-Alexander Kuehn Igor Makarov and Guillaume Plantin 2696 The Journal of Finance® Evidence on the Benefits of Alternative Liquidity in the Foreign Exchange Mortgage Products Market: Measurement, Commonal- Jodo F- Cocco ity, and Risk Premiums Ex Ante Skewness and Expected Stock Loriano Mancini, Angelo Ranaldo, Jennifer Conrad, and Jan Wrampelmeyer Robert F. Dittmar, Market Expectations in the Cross- and Eric Ghysels Section of Present Values Exit as Governance: An Empirical Bryan Kelly Analysis and Seth Pruitt Sreedhar T. Bharath, Min:stes of the Annual Membership Sudarshan Jayaraman, Meeting, January 5, 2013 and Venky Nagar Duane J. Seppi Financial Regulation, Financial Glob- Monitoring Managers: Does it Matter? alization, and the Synchronization of Francesca Cornelli, Economic Activity Zbigniew Kominek, Sebnem Kalemli-Ozcan, and Alexander Ljungqvist Elias Papaioannou, Noise as Information for Illiquidity ... and José-Luis Peydr6 Grace Xing Hu, Fire Sales in a Model of Complexity... Jun Pan, Ricardo J. Caballero and Jiang Wang and Alp Simsek Noisy Prices and Inference Regarding How Effective Were the Federal Re- Returns serve Emergency Liquidity Facil- Elena Asparouhova, ities? Evidence from the Asset- Hendrik Bessembinder, Backed Commercial Paper Money and Ivalina Kalcheva Market Mutual Fund Liquidity Fa- On the High-Frequency Dynamics of Hedge Fund Risk Exposures Burcu Duygan-Bump, Andrew J. Patton Patrick Parkinson, and Tarun Ramadorai Eric Rosengren, Opening the Black Box: Internal Capi- Gustavo A. Suarez, tal Markets and Managerial Power. and Paul Willen Markus Glaser, How Wise Are Crowds? Insights from Florencio Lopez-de-Silanes, Retail Orders and Stock Returns ... and Zacharias Sautner Eric K. Kelley Optimal CEO Compensation with and Paul C. Tetlock Search: Theory and Empirical Evi- Industry-Specific Human Capital, Id- iosyncratic Risk, and the Cross- Melanie Cao Section of Expected Stock Returns. . and Rong Wang Esther Eiling Organization Capital and the Cross- International Asset Pricing with Re- Section of Expected Returns cursive Preferences Andrea L. Eisfeldt Riccardo Colacito and Dimitris Papanikolaou and Mariano M. Croce Outsourcing Mutual Fund Manage- International Stock Return Pre- ment: Firm Boundaries, Incentives, dictability: What Is the Role of the and Performance WINGER SALES? ooo. css tdeccsiccdees Joseph Chen, David E. Rapach, Harrison Hong, Jack K. Strauss, Wenxi Jiang, and Guofu Zhou and Jeffrey D. Kubik Law, Stock Markets, and Innovation. . Presidential Address: Financial Mar- James R. Brown, Gustav Martinsson, kets and Investment Externalities. . and Bruce C. Petersen Sheridan Titman Liquidity Cycles and Make/Take Fees Pricing Model Performance and the in Electronic Markets Two-Pass Cross-Sectional Regres- Thierry Foucault, sion Methodology Ohad Kadan, Raymond Kan, and Eugene Kandel Cesare Robotti, and Jay Shanken Index to Volume LXVIII Private and Public Merger Waves The Effects of Stock Lending on Secu- Vojislav Maksimovic, rity Prices: An Experiment Gordon Phillips, Steven N. Kaplan, and Liu Yang Tobias J. Moskowitz, Report of the Editor of The Journal of and Berk A. Sensoy Finance for the Year 2012 The Evolution of a Financial Crisis: Kenneth J. Singleton Collapse of the Asset-Backed Com- Report of the Executive Secretary mercial Paper Market and Treasurer for the Year Ending Daniel Covitz, September 30, 2012 Nellie Liang, Duane J. Seppi and Gustavo A. Suarez Reverse Survivorship Bias The Maturity Rat Race Juhani T. Linnainmaa Markus K. Brunnermeier Risk Management and Firm Value: Ev- and Martin Oehmke idence from Weather Derivatives ... The Real Effects of Financial Shocks: Francisco Pérez-Gonzdlez Evidence from Exogenous Changes and Hayong Yun in Analyst Coverage Sentiment during Recessions Francois Derrien Diego Garcia and Ambrus Kecskés Short-Selling Bans Around the World: Trading Complex Assets Evidence from the 2007-09 Crisis .. Bruce Ian Carlin, Shimon Kogan, Alessandro Beber and Richard Lowery and Marco Pagano Uncertainty, Time-Varying Fear, and State-Level Business Cycles and Local Asset Prices Return Predictability Itamar Drechsler George M. Korniotis Uncovering Hedge Funds Skill from and Alok Kumar the Portfolio Holdings They Hide... Stronger Risk Controls, Lower Risk: Vikas Agarwal, Evidence from U.S. Bank Holding Wei Jiang, Companies Yuehua Tang, Andrew Ellul and Baozhong Yang and Vijay Yerramilli Value and Momentum Everywhere ... Structural Shifts in Credit Rating Clifford S. Asness, Standards Tobias J. Moskowitz, Aysun Alp and Lasse Heje Pedersen Taxes, Theft, and Firm Performance. . What Do Consumers’ Fund Flows Max- Maxim Mironov imize? Evidence from Their Brokers’ The Cost of Short-Selling Liquid Secu- Incentives rities Susan E. K. Christoffersen, Snehal Banerjee Richard Evans, and Jeremy J. Graveline and David K. Musto The Determinants of Attitudes toward Strategic Default on Mortgages Luigi Guiso, Paola Sapienza, and Luigi Zingales