Skip to content

Paper Spotlight: Managerial Attributes, Incentives, and Performance

The determinants of executive compensation packages are fraught with empirical difficulties due to unobserved firm-level, CEO-level, and assortative matching characteristics. In the paper “Managerial Attributes, Incentives, and Performance,” just published in the August 2020 issue (Volume 9, Issue 2), Jeff Coles and Frank Li examine the relative importance of observable and unobservable firm- and manager-specific characteristics in determining two fundamental attributes of executive incentives, delta and vega. They find that… Read More »Paper Spotlight: Managerial Attributes, Incentives, and Performance

Responses to Economic Shocks Collection

Oxford University Press presents the Responses to Economic Shocks Collection, featuring papers from RAPS, RCFS, and RFS. The following papers are included: RAPS -Preventing Controversial Catastrophes by Steven D. Baker, Burton Hollifield, and Emilio Osambela -Economic Uncertainty and Interest Rates by Samuel M. Hartzmark RCFS -How Do Laws and Institutions Affect Recovery Rates for Collateral? by Hans Degryse, Vasso Ioannidou, José María Liberti, and Jason Sturgess -The Financial Crisis of… Read More »Responses to Economic Shocks Collection

Forthcoming Papers

“The Macroeconomics of Corporate Debt” by Markus K. Brunnermeier  and Arvind Krishnamurthy “The risk of being a fallen angel and the corporate dash for cash in the midst of COVID” by Viral Acharya and Sascha Steffen “The COVID-19 Shock and Equity Shortfall: Firm-level Evidence from Italy” by Elena Carletti, Tommaso Oliviero, Marco Pagano, Loriana Pelizzon, and Marti G. Subrahmanyam

RCFS Blog Series II: Banks’ Contingent Capital Trigger Effects

In the RCFS blog, Professor Ellul discusses Boris Vallée‘s paper “Banks’ Contingent Capital Trigger Effects,” which won the RCFS’s 2020 Rising Scholar Award. Vallée finds that liability management exercises, a type of contingent capital trigger used by banks, are effective at improving banks’ capitalization levels. This finding is particularly important during the COVID-19 pandemic, when economic downturn is likely to put pressure on banks. Read the full post on the blog.

Editor’s Choice 9(2)

The Editor’s Choice paper for 9(2) is “Banks’ Non-interest Income and Systemic Risk” by Markus K. Brunnermeier, Gang Nathan Dong, and Darius Palia. You can read the paper free online.

Editor’s Choice 33(8)

The Editor’s Choice article for 33(8) is “Uncertainty and Economic Activity: A Multicountry Perspective” by Ambrogio Cesa-Bianchi, M. Hashem Pesaran, and Alessandro Rebucci. You can read the paper free online.

Paper Spotlight: Identifying the Real Effects of Zombie Lending

              The impact of COVID-19 has driven many firms into financial distress, and policymakers around the world have responded with various emergency measures to support the business sector. While the immediate priority has been to get support out quickly to firms, over time more active decisions will have to be made on which firms should be supported. A potential danger that arises is that… Read More »Paper Spotlight: Identifying the Real Effects of Zombie Lending

Invitation for Survey Proposals

The Review of Asset Pricing Studies seeks to occasionally publish high quality surveys of topics in asset pricing. Interested authors should send a brief proposal to Executive Editor Jeffrey Pontiff.  All areas of asset pricing will be considered.  If other surveys on the same topic have already been published, the proposal should note the potential marginal contribution.

Forthcoming Paper

“Institutional Investors and Hedge Fund Activism” by Simi Kedia, Laura  Starks, and Xianjue Wang