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Money to Burn: Crowdfunding Wildfire Recovery 烧钱：众筹野火恢复
IF 8 1区 经济学
Journal of Finance Pub Date : 2026-09-30 DOI: 10.1111/jofi.70094
J. ANTHONY COOKSON, EMILY A. GALLAGHER, PHILIP MULDER
{"title":"Money to Burn: Crowdfunding Wildfire Recovery","authors":"J. ANTHONY COOKSON, EMILY A. GALLAGHER, PHILIP MULDER","doi":"10.1111/jofi.70094","DOIUrl":"https://doi.org/10.1111/jofi.70094","url":null,"abstract":"Person‐to‐person crowdfunding is an increasingly important form of disaster relief, yet its distribution is poorly understood. Linking GoFundMe campaigns from a major wildfire to property and household credit records, we find that higher‐income households are 12 pp more likely to have campaigns and raise over 25% more, holding property losses constant. These disparities reflect unequal access to social capital: broader donor bases, more nonlocal ties, greater advocacy by friends, and more generous donors. Donors appear influenced by social pressure in online crowdfunding. These mechanisms mirror national patterns and underscore crowdfunding's limitations as a tool for equitable disaster relief.","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"7 1","pages":""},"PeriodicalIF":8.0,"publicationDate":"2026-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149123282","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Mind the App: Mobile Access to Financial Information and Consumer Behavior 注意应用程序：移动访问金融信息和消费者行为
IF 8 1区 经济学
Journal of Finance Pub Date : 2026-09-30 DOI: 10.1111/jofi.70087
YARON LEVI, SHLOMO BENARTZI
{"title":"Mind the App: Mobile Access to Financial Information and Consumer Behavior","authors":"YARON LEVI, SHLOMO BENARTZI","doi":"10.1111/jofi.70087","DOIUrl":"https://doi.org/10.1111/jofi.70087","url":null,"abstract":"We study whether easier monitoring of personal finances affects consumer spending. We use transaction data from an account aggregation company to study consumers who installed the mobile app after using the same service on a personal computer for several months. We utilize the staggered release of the apps on different devices (iPhone, iPad, and Android) to identify a causal effect conditional on adoption of the mobile app. Consumers decrease their discretionary spending following the installation of the mobile app. The decrease is larger during evening hours and among individuals with lower proxies of self‐control, patterns consistent with a monitoring/self‐regulation channel and with benchmark models of costly self‐control.","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"27 1","pages":""},"PeriodicalIF":8.0,"publicationDate":"2026-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149123279","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Real Channel for Nominal Bond‐Stock Puzzles 名义债券-股票难题的真正渠道
IF 8 1区 经济学
Journal of Finance Pub Date : 2026-09-30 DOI: 10.1111/jofi.70092
MIKHAIL CHERNOV, LARS A. LOCHSTOER, DONGHO SONG
{"title":"The Real Channel for Nominal Bond‐Stock Puzzles","authors":"MIKHAIL CHERNOV, LARS A. LOCHSTOER, DONGHO SONG","doi":"10.1111/jofi.70092","DOIUrl":"https://doi.org/10.1111/jofi.70092","url":null,"abstract":"We document that the nature of aggregate consumption dynamics changes when the bond‐stock correlation switches sign. We identify three regimes in a real‐time, sequential learning framework: two highly persistent regimes where permanent or transitory consumption shocks are more dominant, and a largely transitory disaster regime. We study the implications for asset prices. The transition from the second to the first regime in the late 1990s makes the correlation between equities and real bonds switch from positive to negative as in the data, providing an explanation from the perspective of real consumption dynamics. The findings extend to the international setting.","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"198 1","pages":""},"PeriodicalIF":8.0,"publicationDate":"2026-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149123277","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
An IV Hazard Model of Loan Default with an Application to Subprime Mortgage Cohorts 贷款违约风险模型及其在次级抵押贷款群体中的应用
IF 8 1区 经济学
Journal of Finance Pub Date : 2026-09-28 DOI: 10.1111/jofi.70088
CHRISTOPHER J. PALMER
{"title":"An IV Hazard Model of Loan Default with an Application to Subprime Mortgage Cohorts","authors":"CHRISTOPHER J. PALMER","doi":"10.1111/jofi.70088","DOIUrl":"https://doi.org/10.1111/jofi.70088","url":null,"abstract":"I develop a control function methodology robust to endogenous or mismeasured regressors in hazard models. Applying the estimator to the subprime mortgage crisis, I quantify what caused the foreclosure rate to triple across the 2003 to 2007 subprime cohorts. To identify the elasticity of default to housing prices, I use various home price instruments including historical variation in home price cyclicality. Loose credit played a significant role in the crisis, but much of the increase in defaults across cohorts was caused by price declines unrelated to lending standards, with a 10% price decline increasing subprime mortgage default rates by 50%.","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"11 1","pages":""},"PeriodicalIF":8.0,"publicationDate":"2026-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149123281","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Learning in the Limit: Income Inference from Credit Extensions 极限学习：信用扩展的收入推断
IF 12.2 1区 经济学
Journal of Finance Pub Date : 2026-09-22 Epub Date: 2026-05-07 DOI: 10.1111/jofi.70040
XIAO YIN
{"title":"Learning in the Limit: Income Inference from Credit Extensions","authors":"XIAO YIN","doi":"10.1111/jofi.70040","DOIUrl":"https://doi.org/10.1111/jofi.70040","url":null,"abstract":"<p>Combining a randomized controlled trial with administrative and survey data, this paper shows that credit limit extensions significantly increase total spending and income expectations. By controlling for changes in personal income expectations, the spending response to credit limit extensions weakens by approximately 30%. For financially unconstrained consumers, expectation changes account for around two-thirds of the spending responses to limit extensions. These findings are consistent with consumers inferring future income from credit supply.</p>","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"81 5","pages":"2729-2772"},"PeriodicalIF":12.2,"publicationDate":"2026-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jofi.70040","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149014618","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Learning to Navigate a New Financial Technology 学习驾驭新的金融技术
IF 12.2 1区 经济学
Journal of Finance Pub Date : 2026-09-22 Epub Date: 2026-06-17 DOI: 10.1111/jofi.70062
EMILY BREZA, MARTIN KANZ, LEORA KLAPPER
{"title":"Learning to Navigate a New Financial Technology","authors":"EMILY BREZA,&nbsp;MARTIN KANZ,&nbsp;LEORA KLAPPER","doi":"10.1111/jofi.70062","DOIUrl":"10.1111/jofi.70062","url":null,"abstract":"<div>\u0000 \u0000 <p>We present results from a field experiment that introduced digital payroll accounts to unbanked factory workers to examine how inexperienced consumers learn to use a new financial technology. We find that exposure to payroll accounts leads to increased account use, accelerated learning, and avoidance of common consumer protection risks. Those receiving electronic wage payments gradually build trust in the technology, learn to use accounts without assistance, and avoid illicit fees. Using experimental variation in assignment to bank versus mobile money accounts, we show that these impacts are concentrated in mobile money accounts, the newer, more complex, and less trusted financial technology.</p></div>","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"81 5","pages":"2687-2728"},"PeriodicalIF":12.2,"publicationDate":"2026-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148385851","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Can Small Businesses Survive Chapter 11? 小企业能挺过破产法第十一章吗？
IF 12.2 1区 经济学
Journal of Finance Pub Date : 2026-09-22 Epub Date: 2026-08-19 DOI: 10.1111/jofi.70076
EDITH HOTCHKISS, BENJAMIN IVERSON, XIANG ZHENG
{"title":"Can Small Businesses Survive Chapter 11?","authors":"EDITH HOTCHKISS,&nbsp;BENJAMIN IVERSON,&nbsp;XIANG ZHENG","doi":"10.1111/jofi.70076","DOIUrl":"10.1111/jofi.70076","url":null,"abstract":"<p>A majority of small U.S. businesses attempting to reorganize in bankruptcy fail to do so. Subchapter V of Chapter 11 (SubV) streamlines bankruptcy for small firms by reducing bankruptcy costs and negotiation frictions, and enables entrepreneurs to retain ownership. We show that many businesses reorganize under SubV that otherwise would liquidate. Creditor recoveries and postbankruptcy survival rates are at least as high in SubV as in traditional Chapter 11s. Our results show the increase in reorganizations is not associated with continuation of unviable firms, and that creditors are not harmed by a shift in bargaining power toward small business owners.</p>","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"81 5","pages":"2493-2542"},"PeriodicalIF":12.2,"publicationDate":"2026-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jofi.70076","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148767471","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Climate Change, Demand Uncertainty, and Firms' Investments: Evidence from Planned Power Plants 气候变化、需求不确定性和企业投资：来自计划电厂的证据
IF 12.2 1区 经济学
Journal of Finance Pub Date : 2026-09-22 Epub Date: 2026-07-23 DOI: 10.1111/jofi.70071
CHEN LIN, THOMAS SCHMID, MICHAEL S. WEISBACH
{"title":"Climate Change, Demand Uncertainty, and Firms' Investments: Evidence from Planned Power Plants","authors":"CHEN LIN,&nbsp;THOMAS SCHMID,&nbsp;MICHAEL S. WEISBACH","doi":"10.1111/jofi.70071","DOIUrl":"10.1111/jofi.70071","url":null,"abstract":"<p>How does demand uncertainty affect firms' investment decisions? We examine this question in the context of electricity-producing firms' planned investments in new power plants. We measure uncertainty about future electricity demand using plausibly exogenous variation in temperature projections across scientific climate models. The results show that uncertainty increases investment in power plants with flexible production technologies, while reducing investment in less flexible technologies. Overall, the net effect of uncertainty on investment is positive when firms have access to flexible investment opportunities. These findings are consistent with models in which production flexibility shapes the investment response to demand uncertainty.</p>","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"81 5","pages":"2985-3034"},"PeriodicalIF":12.2,"publicationDate":"2026-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jofi.70071","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148587202","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Justice Good as Random? 正义与随机一样好？
IF 8 1区 经济学
Journal of Finance Pub Date : 2026-09-22 DOI: 10.1111/jofi.70081
NIKLAS HÜTHER, KRISTOPH KLEINER
{"title":"Justice Good as Random?","authors":"NIKLAS HÜTHER, KRISTOPH KLEINER","doi":"10.1111/jofi.70081","DOIUrl":"https://doi.org/10.1111/jofi.70081","url":null,"abstract":"The random assignment of judges promotes fairness and underpins causal identification across the social sciences. Analyzing Chapter 11 bankruptcies, we find sophisticated parties “judge‐shop”: relative to secured hedge fund creditors, cases involving unsecured hedge fund creditors and equity holders are assigned judges with lower past conversion rates and higher unsecured recovery rates. Experienced legal counsel similarly influences assignment. Because judges are not assigned consecutive large cases, knowledgeable parties can judge‐shop by timing the filing date. We develop a method to measure the resulting bias and demonstrate the need for controls and bounded instrumental variable specifications in judge/examiner designs.","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"39 1","pages":""},"PeriodicalIF":8.0,"publicationDate":"2026-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149124471","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Sequential Search for Corporate Bonds 按顺序搜寻公司债券
IF 12.2 1区 经济学
Journal of Finance Pub Date : 2026-09-22 Epub Date: 2026-08-10 DOI: 10.1111/jofi.70068
MAHYAR KARGAR, BENJAMIN LESTER, SÉBASTIEN PLANTE, PIERRE-OLIVIER WEILL
{"title":"Sequential Search for Corporate Bonds","authors":"MAHYAR KARGAR,&nbsp;BENJAMIN LESTER,&nbsp;SÉBASTIEN PLANTE,&nbsp;PIERRE-OLIVIER WEILL","doi":"10.1111/jofi.70068","DOIUrl":"10.1111/jofi.70068","url":null,"abstract":"<div>\u0000 \u0000 <p>Customers in over-the-counter (OTC) markets must find a counterparty to trade. Little is known about this process, however, because existing data consist of transaction records, which only reveal the <i>outcome</i> of a search. Using data from a trading platform for corporate bonds, we unpack the search process. We analyze how long it takes customers to trade and how dealers' offers evolve across repeated inquiries. We estimate that it takes two to three days to complete a transaction after an unsuccessful attempt, with substantial variation across trade and customer characteristics. Our analysis offers insights into the sources of trading delays in OTC markets.</p></div>","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"81 5","pages":"3035-3086"},"PeriodicalIF":12.2,"publicationDate":"2026-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148703493","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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