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Corrigendum to “Removing the fine print: Disclosure, standardized products, and consumer outcomes” [Journal of Financial Economics, volume 185 (November 2026) Article 104353] “删除小字：披露、标准化产品和消费者结果”的更正[Journal of Financial Economics，第185卷（2026年11月）第104353条]
IF 8.9 1区 经济学
Journal of Financial Economics Pub Date : 2026-10-01 DOI: 10.1016/j.jfineco.2026.104385
Sheisha Kulkarni,Santiago Truffa,Gonzalo Iberti
{"title":"Corrigendum to “Removing the fine print: Disclosure, standardized products, and consumer outcomes” [Journal of Financial Economics, volume 185 (November 2026) Article 104353]","authors":"Sheisha Kulkarni,Santiago Truffa,Gonzalo Iberti","doi":"10.1016/j.jfineco.2026.104385","DOIUrl":"https://doi.org/10.1016/j.jfineco.2026.104385","url":null,"abstract":"","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"30 1","pages":"104385"},"PeriodicalIF":8.9,"publicationDate":"2026-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149210647","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
How do income-driven repayment plans benefit student debt borrowers? 收入驱动的还款计划如何使学生债务借款人受益？
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2026-04-01 Epub Date: 2026-02-11 DOI: 10.1016/j.jfineco.2026.104253
Sylvain Catherine , Mehran Ebrahimian , Constantine Yannelis
{"title":"How do income-driven repayment plans benefit student debt borrowers?","authors":"Sylvain Catherine ,&nbsp;Mehran Ebrahimian ,&nbsp;Constantine Yannelis","doi":"10.1016/j.jfineco.2026.104253","DOIUrl":"10.1016/j.jfineco.2026.104253","url":null,"abstract":"<div><div>Using credit bureau data, we show that nearly half the increase in student debt since 2010 is due to deferred payments and the expansion of income-driven repayment (IDR) plans. These plans help borrowers smooth consumption, insure income risk, and reduce the effective debt cost. Using a life-cycle model, we quantify the welfare gains from this payment deferment and the channels through which welfare increases. We show that an optimally calibrated plan can achieve similar welfare gains at a much lower cost to taxpayers, and without encouraging additional borrowing. Finally, we use our quantitative framework to evaluate recent proposals to reform IDR rules.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"178 ","pages":"Article 104253"},"PeriodicalIF":10.4,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146160353","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
Hurdle rate buffers and bargaining power in asset acquisition 资产收购中的门槛利率缓冲与议价能力
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2026-04-01 Epub Date: 2026-02-03 DOI: 10.1016/j.jfineco.2026.104240
John W. Barry , Bruce I. Carlin , Alan D. Crane , John R. Graham
{"title":"Hurdle rate buffers and bargaining power in asset acquisition","authors":"John W. Barry ,&nbsp;Bruce I. Carlin ,&nbsp;Alan D. Crane ,&nbsp;John R. Graham","doi":"10.1016/j.jfineco.2026.104240","DOIUrl":"10.1016/j.jfineco.2026.104240","url":null,"abstract":"<div><div>CFOs report using elevated hurdle rates that average 6.6 percentage points above the cost of capital. We show that hurdle rate buffers act as a commitment device and convey a bargaining advantage over counterparties during project development and M&amp;A. This benefit can exceed the opportunity cost of forgone projects and acquisitions, preserving firm value. Consistent with our model, bidders’ elevated hurdle rates in M&amp;A deals associate with higher surplus capture ex post; in CFO survey data, hurdle rate buffers negatively relate to ex ante bargaining power, and realized returns cluster just above elevated hurdle rates.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"178 ","pages":"Article 104240"},"PeriodicalIF":10.4,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146111046","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
Committing to trade: A theory of intermediation 承诺贸易：中介理论
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2026-04-01 Epub Date: 2026-02-05 DOI: 10.1016/j.jfineco.2026.104249
Francesco Sannino
{"title":"Committing to trade: A theory of intermediation","authors":"Francesco Sannino","doi":"10.1016/j.jfineco.2026.104249","DOIUrl":"10.1016/j.jfineco.2026.104249","url":null,"abstract":"<div><div>In a “lemons” market, a shock to gains from trade precedes the buyers’ offer. Lower gains exacerbate adverse selection. Trading with intermediaries before observing the shock commits sellers not to keep high-quality assets in such states, improving surplus despite impeding efficient use of information. To add value, intermediaries need not possess superior skills or information. If sellers choose intermediaries to overcome search frictions, traded assets’ quality and welfare increase with search costs. The theory offers a novel perspective on the underwrite-to-distribute model in leveraged loans, and predicts that dealers’ shift from market-making to match-making may worsen adverse selection in over-the-counter markets.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"178 ","pages":"Article 104249"},"PeriodicalIF":10.4,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146134344","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
Picking partners: Manager selection in private markets 选择合作伙伴：私募市场中的经理人选择
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2026-04-01 Epub Date: 2026-02-01 DOI: 10.1016/j.jfineco.2026.104250
Amit Goyal , Sunil Wahal , M. Deniz Yavuz
{"title":"Picking partners: Manager selection in private markets","authors":"Amit Goyal ,&nbsp;Sunil Wahal ,&nbsp;M. Deniz Yavuz","doi":"10.1016/j.jfineco.2026.104250","DOIUrl":"10.1016/j.jfineco.2026.104250","url":null,"abstract":"<div><div>We study the selection of private market managers (GPs) for over 61,000 capital commitments by institutional investors (LPs) from a feasible opportunity set. LPs chase past performance but also seem surprisingly willing to invest in GPs without a track record: the probability that LPs select first-time or young GPs is quantitatively similar to GPs in the highest quartile of past performance. The most plausible explanation is that there is demand for exposure to private markets that is not fulfilled by incumbent GPs. The proclivity to invest in first-time or young GPs is not associated with higher future performance.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"178 ","pages":"Article 104250"},"PeriodicalIF":10.4,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146109866","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
Duration-based stock valuation: Reassessing stock market performance and volatility 基于持续时间的股票估值：重新评估股票市场表现和波动性
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2026-04-01 Epub Date: 2026-02-11 DOI: 10.1016/j.jfineco.2026.104248
Jules H. van Binsbergen
{"title":"Duration-based stock valuation: Reassessing stock market performance and volatility","authors":"Jules H. van Binsbergen","doi":"10.1016/j.jfineco.2026.104248","DOIUrl":"10.1016/j.jfineco.2026.104248","url":null,"abstract":"<div><div>Using a panel of international government bond data, I construct fixed income portfolios that match the duration of the dividend strips of the local aggregate stock market index. I find that these bond portfolios have similar realized return performance as their stock counterparts while also exhibiting similar or higher levels of volatility. These results provide novel insights regarding the equity risk premium and excess volatility puzzles (bubbles) and their measurement. I present several potential explanations, including secular stagnation, and discuss further the implications for macroeconomics, monetary economics, asset pricing, and corporate finance.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"178 ","pages":"Article 104248"},"PeriodicalIF":10.4,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146160354","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
Housing affordability and parental income support: The role of mortgage co-signing 住房负担能力与父母收入支持：抵押贷款共同签署的作用
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2026-04-01 Epub Date: 2026-01-31 DOI: 10.1016/j.jfineco.2026.104239
Jason Allen , Kyra Carmichael , Robert Clark , Shaoteng Li , Nicolas Vincent
{"title":"Housing affordability and parental income support: The role of mortgage co-signing","authors":"Jason Allen ,&nbsp;Kyra Carmichael ,&nbsp;Robert Clark ,&nbsp;Shaoteng Li ,&nbsp;Nicolas Vincent","doi":"10.1016/j.jfineco.2026.104239","DOIUrl":"10.1016/j.jfineco.2026.104239","url":null,"abstract":"<div><div>In many countries, the cost of housing has greatly outpaced income growth, leading to an affordability crisis. Leveraging Canadian loan-level data, we document an increasing reliance of first-time home-buyers on financial help from their parents through mortgage co-signing. We show that parental support can effectively relax the borrowing constraints of their adult children, and allow them to enter the housing market early. However, we also identify a novel channel through which parental support could increase borrower vulnerabilities. Co-signing incentivizes adult children to lever up and purchase housing beyond what they can afford, exposing them to a greater risk of financial stress.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"178 ","pages":"Article 104239"},"PeriodicalIF":10.4,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146081587","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
Hidden alpha 隐藏的α
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2026-04-01 Epub Date: 2026-02-03 DOI: 10.1016/j.jfineco.2025.104225
Manuel Ammann , Alexander Cochardt , Lauren Cohen , Stephan Heller
{"title":"Hidden alpha","authors":"Manuel Ammann ,&nbsp;Alexander Cochardt ,&nbsp;Lauren Cohen ,&nbsp;Stephan Heller","doi":"10.1016/j.jfineco.2025.104225","DOIUrl":"10.1016/j.jfineco.2025.104225","url":null,"abstract":"<div><div>We provide novel evidence suggestive of insider trading through concealed relationships identified using information from over 100,000 Facebook profiles and their 35 million friends. Focusing on connections between fund managers and firm officers, we demonstrate that hidden ties are linked to substantial abnormal returns averaging 135 basis points per month (exceeding 16% alpha annually, <em>t</em>-stat = 3.54) across the universe of mutual funds and public firms. These hidden ties emerge as the most powerful predictor of future stock returns among documented network characteristics, with predictive power increasing over time through the present day. The premium associated with such connections arises not from endogenous selection or familiarity bias; instead, fund managers exhibit specific timing ability in deciding when to hold (or avoid) stocks of firm officers linked through hidden ties. The value of trading information rises with the degree of concealment and is concentrated around earnings and M&amp;A events. The premium is absent in index funds, where strategic stock selection and timing are infeasible. Our findings on the value of hidden ties remain robust across industries, investment styles, time periods, and firm types.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"178 ","pages":"Article 104225"},"PeriodicalIF":10.4,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146109864","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 by lending securities 借券学习
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2026-04-01 Epub Date: 2026-01-27 DOI: 10.1016/j.jfineco.2026.104237
George C. Nurisso
{"title":"Learning by lending securities","authors":"George C. Nurisso","doi":"10.1016/j.jfineco.2026.104237","DOIUrl":"10.1016/j.jfineco.2026.104237","url":null,"abstract":"<div><div>Short sellers convey negative information to securities lenders when borrowing shares. I model how this information generates novel interactions between institutional investors’ lending and trading decisions. Lower lending fees improve information quality by facilitating more shorting, but also make it less costly for lenders to strategically recall shares to enhance their trading profits. Lenders may then need to raise fees to commit not to recall shares and thereby attract short sellers. Conversely, index fund lenders cannot trade on lending market information. This restriction enables them to attract greater shorting demand and potentially improve price efficiency—despite charging higher fees.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"178 ","pages":"Article 104237"},"PeriodicalIF":10.4,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146045173","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
Index rebalancing and stock market composition: Do indexes time the market? 指数再平衡与股票市场构成：指数与市场同步吗？
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2026-03-01 Epub Date: 2026-01-07 DOI: 10.1016/j.jfineco.2025.104229
Marco Sammon , John J. Shim
{"title":"Index rebalancing and stock market composition: Do indexes time the market?","authors":"Marco Sammon ,&nbsp;John J. Shim","doi":"10.1016/j.jfineco.2025.104229","DOIUrl":"10.1016/j.jfineco.2025.104229","url":null,"abstract":"<div><div>Value-weighted indexes must rebalance in response to stock market composition changes, e.g., issuance, buybacks, and IPOs. In doing so, existing index funds implicitly engage in market timing. Index funds’ long-short rebalancing portfolios have an annualized return of 4.61% and load negatively on value and profitability factors. We estimate these trades impose a 46–69 bps annual index-level performance drag. We explore alternative value-weighted indexes that rebalance less and delay responding to compositional changes. Despite still closely tracking the market, these indexes improve market timing and lower trading costs, saving 50 bps annually, an order of magnitude greater than index fund fees.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"177 ","pages":"Article 104229"},"PeriodicalIF":10.4,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145927975","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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