Research

Department of Finance

The Department of Finance has a strong international orientation, with faculty from leading schools in finance and economics. Our research is published in top journals and covers all areas of finance.

  • Chen, Zhanhui and Cooper, Ilan and Ehling, Paul and Xiouros, Costas

    Risk Aversion Sensitive Real Business Cycles

    Management Science. Forthcoming
    Read paper

  • Andreas Fagereng, Luigi Guiso, Davide Malacrino & Luigi Pistaferri

    Heterogeneity and Persistence in Returns to Wealth

    Econometrica, Vol. 88, No.1, 115–170, 2020.

    Read paper

  • Anatasov, Victoria; Muller, Stig; Priestley, Richard

    Consumption Fluctuations and Expected Returns

    Journal of Finance, forthcoming.

    Read paper

  • Nicole Branger, Patrick Konermann and Christian Schlag

    Optimists and Pessimists in (In)Complete Markets

    Journal of Financial and Quantitative Analysis. Forthcoming.
    Read paper

  • Øyvind Bøhren, Bogdan Stacescu, Line Almli and Kathrine L. Søndergaard

    When Does the Family Govern the Family Firm?

    Journal of Quantitative and Financial Analysis. Forthcoming.
    Read paper

  • Ilan Cooper and Paolo Maio

    New evidence on conditional factor models

    Journal of Financial and Quantitative Analysis. Forthcoming.
    Read paper

  • Sven Klingler and David Lando

    Safe Haven CDS Premiums

    Review of Financial Studies. Forthcoming.
    Read paper

  • Espen Henriksen and Thomas Cooley

    The Demographic Deficit

    Journal of Monetary Economics, forthcoming. 

    Read paper!

  • Ilan Cooper and Paulo Maio

    Asset Growth, Profitability, and Investment Opportunities

    Management Science, Forthcoming.

    Read paper

  • Sven Klingler and Suresh Sundaresan

    An Explanation of Negative Swap Spreads: Demand for Duration from Underfunded Pension Plans

    Journal of Finance, forthcoming.
    Read paper

  • Renee B. Adams, Matti Keloharju and Samuli Knüpfer

    Are CEOs Born Leaders? Lessons from Traits of a Million Individuals

    Journal of Financial Economics. Volume 130(2), 392-408, 2018.
    Read paper

  • Janis Berzins, Øyvind Bøhren and Bogdan Stacescu

    Shareholder Conflicts and Dividends

    Review of Finance. Forthcoming.

    Read paper

  • Paul Ehling, Alessandro Graniero, and Christian Heyerdahl-Larsen

    Asset Prices and Portfolio Choice with Learning from Experience

    Review of Economic Studies, forthcoming.

    Read paper

  • Paul Ehling, Michael F. Gallmeyer, Sanjay Srivastava, Stathis Tompaidis, and Chunyu Yang

    Portfolio Tax Trading with Carry-Over Losses

    Management Science. Forthcoming.

    Read paper

  • Hamid Boustanifar, Rett Grant and Ariell Reshef

    Wages and Human Capital in Finance: International Evidence, 1970-2011

    Review of Finance. Volume 22, pp. 699–745, 2018.
    Read paper

  • Paul Ehling, Michael F. Gallmeyer, Christian Heyerdahl-Larsen and Philipp Illeditsch

    Disagreement about inflation and the yield curve

    Journal of Financial Economics. Forthcoming.

    Read paper

  • Ingolf Dittmann, Ko-Chia Yu and Danielle Zhang

    How Important are Risk-Taking Incentives in Executive Compensation?

    Review of Finance. Volume 21(5), 1805-1846, 2017. (lead article)

    Read paper

  • Samuli Knüpfer, Elias Henrikki Rantapuska and Matti Sarvimäki.

    Formative Experiences and Portfolio Choice: Evidence from the Finnish Great Depression

    Journal of Finance. Volume 72(1), pp. 133-166. 2017.

    Read paper

  • Paul Ehling, Christian Heyerdahl-Larsen

    Correlations

    Management Science. Volume 63, pp. 1919-1937, 2017.

    Download paper (.PDF)

  • Ibolya Schindele, Bent Vale and Charlotte Østergaard

    Social Capital and the Viability of Nonprofit Firms: Evidence from Savings Banks

    Review of Finance, Volume 29(5), 1673-1718. 2016. (lead article)

    Read paper

  • Ilan Cooper and Richard Priestley

    The Expected Returns and Valuations of Private and Public Firms

    Journal of Financial Economics. Volume 120(1) pp. 41-57, 2016.

    Download paper (.PDF)

  • Juan-Pedro Gomez, Richard Priestley, Fernando Zapatero

    Labor Income, Relative Wealth Concerns, and the Cross-Section of Stock Returns

    Journal of Financial and Quantitative Analysis. Volume 51(4) pp. 1111-1133, 2016. 

    Read paper

  • Mark Grinblatt, Seppo Ikäheimo, Matti Keloharju and Samuli Knüpfer

    IQ and Mutual Fund Choice

    Management Science. Volume 62(4), pp. 924-944. 2016.

    Read paper

  • Markku Kaustia, Samuli Knüpfer and Sami Torstila

    Stock Ownership and Political Behavior: Evidence from Demutualizations

    Management Science. Volume 62(4), pp. 945-963. 2016.

    Read paper

  • Esther Eiling and Bruno Gerard

    Emerging equity market comovements: trends and macroeconomic fundamentals

    Review of Finance. Volume 19(4), p. 1543-1585. 2015.

    Read paper

  • Øyvind Norli; Charlotte Ostergaard; Ibolya Schindele

    Liquidity and Shareholder Activism

    Review of Financial Studies. Volume 28(2), p.486-520. 2015.

    Read paper

  • Marcel Fratzscher, Dagfinn Rime, Lucio Sarno and Gabriele Zinna

    The Scapegoat Theory of Exchange Rates: The First Tests

    Journal of Monetary Economics, vol. 70, pp. 1-21, 2015. 

    Read paper  

  • Karapetyan, Artashes; Stacescu, Bogdan

    Information Sharing and Information Acquisition in Credit Markets

    Review of Finance. Volume 18(4), p.1583-1615. 2014.

    Read paper

  • Berzins, Janis; Trzcinka, Charles; Liu, Crocker

    Asset management and investment banking

    Journal of Financial Economics. Volume 110.(1) p. 215-231. 2013.

    Read paper

  • Espen Henriksen, Finn Kydland and Roman Šustek

    Globally Correlated Nominal Fluctuations

    Journal of Monetary Economics, Volume 60(6), pp. 613-631, 2013. 

    Read paper

  • Cooper, Ilan; Priestley, Richard

    The World Business Cycle and Expected Returns

    Review of Finance. Vol, 17.(3) p. 1029-106. 2013.

    Read paper

  • Roche, Hervé; Tompaidis, Stathis; Yang, Chunyu

    Why does junior put all his eggs in one basket? A potential rational explanation for holding concentrated portfolios

    Journal of Financial Economics 2013. Vol, 109.(3) p. 775-796. 2013.

    Read paper

  • Chen, Long; Da, Zhi; Priestley, Richard

    Dividend Smoothing and Predictability

    Management Science. Vol, 58.(10) p. 1834-1853, 2012.

    Read paper

  • Eiling, Esther; Gerard, Bruno; de Roon, Frans

    Euro-zone equity returns: country versus industry effects

    Review of Finance 2012. Vol, 16.(3) p. 755-798. 

    Read paper

  • Garcia, Diego; Norli, Øyvind

    Geographic dispersion and stock returns

    Journal of Financial Economics 2012. Vol, 106.(3) p. 547-565. 

    Read paper

  • Garrett, I.; Priestley, Richard

    Dividend Growth, Cash Flow and Discount Rate News

    Journal of Financial and Quantitative Analysis 2012. Vol, 47.(5) p. 1003-1028.  

    Read paper

  • Cooper, Ilan; Priestley, Richard

    Real Investment and Risk Dynamics

    Journal of Financial Economics 2011. Vol, 101.(1) p. 182-205. 

    Read paper

  • Xiouros, Costas; Zapatero, Fernando

    The Representative Agent of an Economy with External Habit Formation and Heterogeneous Risk Aversion

    Review of Financial Studies 2010. Vol, 23.(8) p. 3017-3047. 

    Read paper

  • Gómez, Juan-Pedro; Priestley, Richard; Zapatero, Fernando

    Implications of Keeping-Up-with-the-Joneses Behavior for the Equilibrium Cross Section of Stock Returns: International Evidence

    Journal of Finance 2009. Vol, 64.(6) p. 2703-273. 

    Read paper.

  • Cooper, Ilan; Priestley, Richard

    Time-Varying Risk Premiums and the Output Gap

    Review of Financial Studies 2009. Vol, 22.(7) p. 2801-2833. 

    Read paper.

  • Aunon-Nerin, Daniel; Ehling, Paul

    Why firms purchase property insurance

    Journal of Financial Economics 2008. Vol, 90.(3) p. 298-312.  

    Read paper.

  • David K. Backus, Espen Henriksen and Kjetil Storesletten

    Taxes and the global allocation of capital

    Journal of Monetary Economics, Volume 55(1), pp. 48-61, 2008.

    Read paper

  • Demyanyk, Yuliya; Ostergaard, Charlotte; Sørensen, Bent E.

    U.S. Banking Deregulation, Small Businesses, and Interstate Insurance of Personal Income

    Journal of Finance 2007. Vol, 62.(6) p. 2763-2801.

    Read paper

  • Edmans, Alex; Garcia, Diego; Norli, Øyvind

    Sports Sentiment and Stock Returns

    Journal of Finance 2007. Vol, 62.(4) p. 1967-1998

    Read paper

  • Cooper, Ilan

    Asset pricing implications of nonconvex adjustment costs and irreversibility of investment

    Journal of Finance 2006. Vol, 61.(1) p. 139-170. 

    Read paper

  • Gerard, Bruno; Wu, Gengshu

    How important is intertemporal risk for asset allocation?

    Journal of Business 2006. Vol, 79.(4) p. 2203-2241

    Read paper

  • Hardouvelis, G.A.; Malliaropulos, D.; Priestley, Richard

    EMU and European stock market integration

    Journal of Business 2006. Vol, 79.(1) p. 365-392

    Read paper

  • Bjønnes, Geir Høidal; Rime, Dagfinn

    Dealer behavior and trading systems in foreign exchange markets

    Journal of Financial Economics 2005. Vol, 75.(3) p. 571-605

    Read paper

  • Ongena, Steven; Smith, David; Michalsen, Dag

    Firms and their distressed banks: lessons from the Norwegian banking crisis

    Journal of Financial Economics 2003. Vol, 67. p. 81-112

    Read paper

  • Nyborg, Kjell G.; Rydqvist, Kristian; Sundaresan, Suresh M.

    Bidder Behavior in Multiunit Auctions - Evidence from Swedish Treasury Auctions

    Journal of Political Economy 2002. Vol, 110.(2) p. 394-424

    Read paper

  • Ostergaard, Charlotte; Sørensen, Bent E.; Yosha, Oved

    Consumption and Aggregate Constraints: Evidence from U.S. States and Canadian Provinces

    Journal of Political Economy 2002. Vol, 110.(3) p. 634-645

    Read paper

  • Garrett, I.; Priestley, Richard

    Dividend Behaviour and Dividend Signaling

    Journal of Financial and Quantitative Analysis 2000. Vol, 35.(2) p. 173-189

    Read paper

  • Rydqvist, Kristian; Green, Rick

    Ex-Day Behavior with Dividend Preference and Limitations to Short-Term Arbitrage: The Case of Swedish Lottery Bonds

    Journal of Financial Economics 1999. Vol, 53. p. 145-187

    Read paper

  • Bøhren, Øyvind; Eckbo, Espen B.; Michalsen, Dag

    Why underwrite rights offerings? Some new evidence

    Journal of Financial Economics 1997. Vol, 46. p. 223-261

    Read paper

  • Green, Richard C.; Ødegaard, Bernt A.

    Are There Tax Effects in the Relative Pricing of U.S. Government Bonds?

    Journal of Finance 1997. Vol, 52. p. 609-633

    Read paper