FBE Research Page
The collaborative nature of research at USC Marshall is shown even in the architecture. Here Hoffman Hall and Bridge Hall are connected by walkways.


USC FBE Marshall Research

The USC Marshall School of Business Department of Finance and Business Economics (FBE) has faculty who do cutting edge research in fields ranging from incentives for managers, to financial crisis theory, to the neuroscience of decisions. They publish in top journals including the American Economic Review, Econometrica, the Journal of Economic Theory, the Journal of Finance, the Journal of Financial Economics, the Journal of Political Economy, and the Review of Financial Studies.

Many FBE professors collaborate with other professors at Marshall and other schools. Marshall FBE faculty draw on a network begun at top graduate Ph.D. programs (faculty have degrees from schools including M.I.T., Stanford, the University of Chicago and USC Marshall), renewed by presentations of their working papers at a rigorous system of workshops, and informed by research done both within and outside the department.

Below is a list of forthcoming and recent publications since 2014. Links to many of these articles may be found by going to the Marshall website, clicking on the Department of Finance and Business Economics Faculty (link below) and going to the homepage of the professor.

To learn more about FBE Faculty, please visit FBE faculty page.

Forthcoming | 2018 | 2017 | 2016 | 2015 | 2014


Ferson, Wayne E. (2018). Empirical Asset Pricing: Models and Methods MIT Press (forthcoming).

Hoberg, Gerard, Kumar, Nitin and Nagpurnanand Prabhala (2017). “Mutual Fund Competition, Managerial Skill, and Alpha Persistence,” Review of Financial Studies (forthcoming).

Hoberg, Gerard and Moon, Katie, (2017). “The Offshoring Return Premium,” Management Science (forthcoming 2017).

Hoberg, Gerard and Gordon Phillips (2017). “Text-Based Industry Momentum,” Journal of Financial and Quantitative Analysis, (forthcoming).

Hoberg, Gerard and Gordon Phillips (2017). “Industry Choice and Product Language,” Management Science (forthcoming).

Joslin, Scott and Yaniv Konchitchki (2016). “Interest Rate Volatility, the Yield Curve, and the Macroeconomy,” Journal of Financial Economics (forthcoming).

Kendall, Chad, (2018). “The Time Cost of Information in Financial Markets,” Journal of Economic Theory (forthcoming 2018).

Kendall, Chad and Ryan Oprea. (2018). “Are biased beliefs fit to survive? An experimental test of the market selection hypothesis,” Journal of Economic Theory (forthcoming 2018).

Kilic, Mete and Jessica A. Wachter (2018), “Risk, Unemployment, and the Stock Market: A Rare-Event-Based Explanation of Labor Market Volatility,” Review of Financial Studies (forthcoming)

Kilic, Mete and Ivan Shaliastovich (2018). “Good and Bad Variance Premia and Expected Returns,” Management Science (forthcoming).

Linnainmaa, Juhani and Michael R. Roberts, (2017). “The history of the cross section of stock returns,” Review of Financial Studies (forthcoming).

Linnainmaa, Juhani and Joseph Gerakos, (2017). “Decomposing value,” Review of Financial Studies (forthcoming).

Parkomenko, Andrii, Guner, Nezih and Gustavo Ventura (2018). “Managers and Productivity Differences,” forthcoming in Review of Economic Dynamics.

Rozo, Sandra (2018), “Is Murder Bad for Business? Evidence from Colombia,” Review of Economics and Statistics (forthcoming).

Wu, Yanhui (2018) “Media Bias in China,” American Economic Review (forthcoming).

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Alonso, Ricardo and Câmara, Odilon (2018) “On the Value of Persuasion by Experts," Journal of Economic Theory 174: 103-123.

Câmara, Odilon and Eguia, Jon (2018). “Slicing and Bundling,” The Journal of Politics 79 (4): 1460-1464.

Cheeseman, Henry R., C. Kerry Fields and Kevin C. Fields (2018). Contemporary Real Estate Law 3rd edition, Wolters Kluwer. ISBN 978-1-4548-7343-3.

Durguner, Sena, (2018). Variations in Farm Consumption and their Relationship to Income: An Empirical Investigation of Illinois Farm Households. Applied Economics 50 (9): 990-1005.

Frydman, Cary, Hartzmark, Sam and David Solomon (2018). “Rolling Mental Accounts,” Review of Financial Studies 31: 362-397.

Harris, Larry, Calomiris, Charles, Schrand, Catherine and Weil, Roman L. (2018), “Bank Capital as a Substitute for Prudential Regulation,” The Journal of Applied Corporate Finance (20 February 2018)

Jones, Christopher and Joshua Shemesh (April 2018). “Option Mispricing Around Nontrading Periods,” Journal of Finance 73: 2 861-900.

Joslin, Scott (April 2018). “Can Unspanned Stochastic Volatility Models Explain the Cross Section of Bond Volatilities?,” Management Science 64: 4 1707-1726.

Matsusaka, John (January 2018). “Public Policy and the Initiative and Referendum: A Survey with Some New Evidence,” Public Choice 174:1-2 107-143.

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Ahern, Kenneth R. (2017). “Information Networks: Evidence from Illegal Insider Trading Tips,” Journal of Financial Economics 125 (1): 26-47.

Chang, Tom, David H. Solomon, Samuel M. Hartzmark and Eugene Soltes (January 2017). “Being Surprised by the Unsurprising: Earnings Seasonality and Stock Returns,” Review of Financial Studies 30: 1 281-323.
Best Paper Award, California Corporate Finance Conference, 2015
Hillcrest Behavioral Finance Award (First Place), 2015

Durguner, Sena, (2017). Do Borrower-Lender Relationships Still Matter for Small Business Loans? Journal of International Financial Markets, Institutions & Money 50: 98-118.

Frydman, Cary and G. Nave (July 2017). “Extrapolative Beliefs in Perceptual and Economic Decisions: Evidence of a Common Mechanism,” Management Science 63:7 2340-2352.

Hoberg, Gerard and Craig Lewis, (April 2017). “Do Fraudulent Firms Produce Abnormal Disclosure?,” Journal of Corporate Finance 43, 58-85.

Hoberg, Gerard, and Moon, Katie, (August 2017). “Offshore Activities and Financial vs Operational Hedging,” Journal of Financial Economics 125 (2), 217-244 [lead article].

Jaimovich, Nir and Sergio Rebelo (February 2017). “Non-linear Effects of Taxation on Growth,” Journal of Political Economy 125:1 265-291.

Jones, Christopher and Lukasz Pomorski (March 2017). “Investing in Disappearing Anomalies,” Review of Finance 21:1 237-267.

Korteweg, Arthur, Bernstein, S. and Laws, K., (2017). “Attracting Early-Stage Investors: Evidence from a Randomized Field Experiment,” Journal of Finance, 72 (2), 509-538.

Korteweg, Arthur, and Sørensen, M. (June 2017). “Skill and Luck in Private Equity Performance,” Journal of Financial Economics,” 124 (3), 535-562.

Linnainmaa, Juhani, Stephen Foerster, Brian Melzer, and Alessandro Previtero (August 2017). “Retail financial advice: Does one size fit all?” Journal of Finance 72:4 1441-1482.

Matsusaka, John and Oguzhan Ozbas (May 2017), “A Theory of Shareholder Approval and Proposal Rights,” Journal of Law, Economics, and Organization 33, 377-411.

Nix, E., Attanasio, O., Meghir, C., & Salvati, F. (2017). Human capital growth and poverty: Evidence from Ethiopia and Peru. Review of Economic Dynamics, 25, 234-259.

Ramcharan, Rodney with Di Maggio, Marco, Kermani, Amir, Keys, Ben, Piskorski, Seru, Amit and Vincent Yao (2017), “Monetary Policy Pass-Through: Household Consumption and Voluntary Deleveraging,” American Economic Review 107 (11): 3550-3588.

Ramcharan, Rodney, Benmelech, Ephraim and Ralf Meisenzahl (2017), “The Real Effects of Liquidity During the Financial Crisis: Evidence from Automobiles,” Quarterly Journal of Economics 132 (1): 317-365.

Simundza, Daniel (December 2017). “Cream Puffs: Why do Elite College Football Programs Schedule Games Against Vastly Inferior Opponents?,” Journal of Sports Economics 18:6 787-802.

Tüzel, Şelale and Miao Ben Zhang, (February 2017). “Local Risk, Local Factors, and Asset Prices,” Journal of Finance 72:1 325-370.

Wang, Yongxiang, Heather Haveman, Nan Jia, and Jing Shi (March 2017). “The Dynamics of Political Embeddedness in China,” Administrative Science Quarterly 62:1 67.

Wang, Yongxiang and Ray Fisman (April 2017). “The distortionary effects of incentives in government: Evidence from China's "death ceiling" program,” American Economic Journal: Applied Economics 9:2 202-218.

Wu, Yanhui (March 2017). “Authority, Incentives and Performance: Evidence from a Chinese Newspaper,” Review of Economics and Statistics 99:1 16-31.

Wu, Yanhui (December 2017). “Incentive Contracts and the Allocation of Talent,” Economic Journal 127:607 2744-2783.

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Alonso, Ricardo and Odilon Câmara (2016). “Bayesian Persuasion with Heterogeneous Priors,” Journal of Economic Theory 165, 672-706.

Alonso, Ricardo and Odilon Câmara (November 2016). “Persuading Voters,” American Economic Review 106 (11), 3590-3605.

Alonso, Ricardo and Câmara, Odilon (2016). “Political Disagreement and Information in Elections," Games and Economic Behavior 100: 390-412.

Chang, Tom, David H. Solomon and Mark Westerfield (February 2016). “Looking for Someone to Blame: Delegation, Cognitive Dissonance and the Disposition Effect,” Journal of Finance 71 (1), 267-302.

Chang, Tom, Tal Gross, Matthew Neidell and Joshua S. Graff Zivin (2016). “Particulate Pollution and the Productivity of Pear Packers,” American Economic Journal: Economic Policy 8 (3).

Chang, Tom, Tal Gross, Matthew Neidell and Joshua Graff Zivin (September 2016). “Air Pollution is Making Office Workers Less Productive,” Harvard Business Review.

Frydman, Cary and Colin Camerer (November 2016), “Neural Evidence of Regret and its Implications for Investor Behavior,” Review of Financial Studies 29:11 3108-3140.

Ferson, Wayne E. and Mo Haitao, (July 2016). “Measuring Performance with market volatility timing and Selectivity,” Journal of Financial Economics 121, 93-110.

Fields, C. Kerry and Kevin C. Fields (September 2016). Essentials of Real Estate Law, Aspen Publishers. ISBN 978-1-4548-5605-4.

Frydman, Cary and Colin Camerer (2016). “The Psychology and Neuroscience of Financial Decision Making,” Trends in Cognitive Science 20, 661-675.

Hoberg, Gerard and Gordon Phillips (October 2016). “Text-Based Network Industries and Endogenous Product Differentiation,” Journal of Political Economy 124 (5), 1423-1465.

Hoberg, Gerard, Keongtae Kim and Anand Gopal (June 2016). “Does Product Market Competition Drive CVC Investment? Evidence from the U.S. IT Industry,” Information Systems Research 27 (2), 259-281.

İmrohoroğlu, Selahattin, Sagiri Kitao and Tomoaki Yamada (2016). “Achieving Fiscal Balance in Japan,” International Economic Review, 57, 117-154.

İmrohoroğlu, Selahattin and Gary Hansen (July 2016). “Fiscal Reform and Government Debt in Japan: A Neoclassical Perspective,” Review of Economic Dynamics, 21, 201-224.

Jaimovich, Nir, Martin Gervais, Henry Siu, and Yaniv Yedid-Levi (October 2016). “What Should I be when I Grow Up? Occupations and Unemployment over the Life Cycle,” Journal of Monetary Economics 83: 54-70.

Korteweg, Arthur and S. Nagel (2016). “Risk-Adjusting the Returns to Venture Capital,” Journal of Finance 71(3), 1437-1470.

Korteweg, Arthur, R. Kraussl and P. Verwijmeren (2016). “Does it Pay to Invest in Art? A Selection-corrected Returns Perspective,” Review of Financial Studies 29 (4), 1007-1038.

Korteweg, Arthur and M. Sørensen (2016). “Estimating Loan-to-Value Distributions,” Real Estate Economics 44 (1), 41-86.

Linnainmaa, Juhani, Ray Ball, Joseph Gerakos, and Valeri Nikolaev (2016). “Accruals, cash flows, and operating profitability in the cross section of stock returns,” Journal of Financial Economics 121, 28-45.

Linnainmaa, Juhani, Walter Torous, and James Yae, (2016). “Reading the tea leaves: Model uncertainty, robust forecasts, and the autocorrelation of analysts’ forecast errors,” Journal of Financial Economics 122, 42-64.

Linnainmaa, Juhani, Matti Keloharju, and Peter Nyberg, (2016). “Return seasonalities,” Journal of Finance 71, 1557-1589.

Linnainmaa, Juhani, and Joseph Gerakos (2016). “Market reactions to tangible and intangible information revisited,” Critical Finance Review 5, 135-163.

Matsusaka, John (June 2016). “Ballot Order Effects in Direct Democracy Elections,” Public Choice. Awarded Duncan Black Prize for best paper in Public Choice by a senior scholar in 2016.

Nix, Emily, Gamberoni, Elisa and Heath, Rachel (October 2016), “Bridging the Gender Gap: Identifying What Is Holding Self-employed Women Back in Ghana, Rwanda, Tanzania, and the Republic of Congo,” The World Bank Economic Review 30: 3, 501-521,

Ramcharan, Rodney, Foley-Fisher, Nathan, and Yu, Edison (2016). “The Impact of Unconventional Monetary Policy on Firm Financing Constraints: Evidence from the Maturity Extension Program,” Journal of Financial Economics 122(2): 409-429. Winner of Bankscope Best Paper Prize, 2015, UNSW-Australasian Banking and Finance Conference.

Ramcharan, Rodney and Rajan, Raghuram (2016). “Local Financing Capacity and Asset Values: Evidence from Bank Failures,” Journal of Financial Economics 120(2): 229-251.
Winner of the 2014 Wharton-WRDS Best Empirical Finance Paper at the Western Finance Association.

Ramcharan, Rodney and Rajan, Raghuram (May 2016). “Crisis and Collapse in the Long Run: Some Microeconomic Evidence,” American Economic Review, Papers and Proceedings.

Ramcharan, Rodney and Rajan, Raghuram (2016). “Constituencies and Legislation: The Fight over the McFadden Act of 1927,” Management Science 62 (7):1843-1859.

Ramcharan, Rodney, Verani, Stephanie, and Sjkander Vandenheuvel (2016). “From Wall Street to Main Street: The Impact of the Financial Crisis on Consumer Credit Supply,” Journal of Finance 71:(3) 1323-1356.

Rozo, Sandra V. and Carla Calero (September 2016). “The Effects of Youth Training on Risk Behavior: The Role of Non-Cognitive Skills,” IZA Journal of Labor and Development 5:1 1-27.

Zapatero, Fernando (2016). “Reference-Based Decisions in Finance," in I. Venezia (ed.), Behavioral Finance: Where do Investors Biases Come From?,” World Scientific, 3-29

Zapatero, Fernando, Gómez, J.-P., and R. Priestley (August 2016). “Labor Income, Relative Wealth Concerns, and the Cross-section of Stock Returns,” Journal of Financial and Quantitative Analysis 51:4 1111-1133.

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Ahern, Kenneth R., Daniele Daminelli and Cesare Fracassi (2015). “Lost in Translation? The Effect of Cultural Values on Mergers Around the World,” Journal of Financial Economics 117(1), 165-189.

Ahern, Kenneth R. and Denis Sosyura (2015). “Rumor Has It: Sensationalism in Financial Media,” Review of Financial Studies 28(7), 2050-2093.

Câmara, Odilon and Dan Bernhardt (2015). “Learning about Challengers,” Games and Economic Behavior 90, 181-206.

DeAngelo, Harry and Richard Roll (2015). “How Stable Are Corporate Capital Structures?” Journal of Finance, 373-418.

DeAngelo, Harry and René M. Stulz (2015). “Liquid-Claim Production, Risk Management, and Bank Capital Structure: Why High Leverage Is Optimal for Banks,” Journal of Financial Economics, 219-236.

Dorgruner, Seda (2015). “The Determinants of the FHLB Advance Use Levels for Small Banks: A Tobit Analysis,” Journal of Applied Finance, 25 (2), 35-56.

Ferson, Wayne E. and Andrew F. Siegel (2015). “Optimal Orthogonal Portfolios with Conditioning Information,” Chapter 35 in the Handbook of Financial Econometrics, volume 1, 977-1003. C.F. Lee, Editor. ISBN 978-1-4614-7749-5. Springer Science and Business Media, New York.

Harris, Lawrence, David H. Solomon and Samuel M. Hartzmark (June 2015). “Juicing the Dividend Yield: Mutual Funds and the Demand for Dividends, Journal of Financial Economics 116 (3), 433-451. Lead Article. Fama/DFA Prize for the Best Paper in the Journal of Financial Economics on Capital Markets and Asset Pricing (Second Place), 2015.

Harris, Lawrence, Peter Kyle and Eric Sirri (2015). “Statement of the Financial Economists Roundtable, April 2015: The Structure of Trading in Bond Markets,” Financial Analysts Journal.

Hoberg, Gerard and Vojislav Maksimovic (May 2015). “Redefining Financial Constraints: a Text-Based Analysis,” Review of Financial Studies 28 (5),1312-1352.

İmrohoroğlu, Ayşe and Kaiji Chen (Online August 29, 2015). “Debt and the U.S. Economy,” Economic Theory.

Jaimovich, Nir, Eric Anderson and Duncan Simester (October 2015). “Price Stickiness: Empirical Evidence of the Menu Cost Channel,” Review of Economics and Statistics, 97 (4), 813-826.

Jaimovich, Nir, Martin Gervais, Yaniv Yedid-Levi, and Henry Siu (February 2015). “Technological Learning and Labor Market Dynamics,” International Economic Review 56 (1), 27-53.

Kendall, Chad, Tommaso Nannicini and Francesco Trebbi (2015). “How do Voters Respond to Information: Evidence from a Randomized Campaign,” American Economic Review 105 (1), 322-53.

Linnainmaa, Juhani, Ray Ball, Joseph Gerakos and Valeri Nikolaev (2015). “Deflating profitability,” Journal of Financial Economics 117 (2), 225–248. Lead article.

Marino, Anthony (August 2015). “Work Environment and Moral Hazard,” The Journal of Regulatory Economics XLVIII, 53-73.

Rozo, Sandra V., Yuri Soares, Verónica González and Carlos Morales (2015). “Creating New Opportunities for Rural Producers: Impact Evaluation of a Pilot Program,” Journal of Drug Policy Analysis 8 (1): 1-46.

Rozo, Sandra, Meija, Daniel and Restrepo, Pascual (September 2015). “On the Effects of Enforcement on Illegal Activities? Evidence from a Quasi-experiment,” World Bank Economic Review 31(2): 570-594.

Solomon, David H. and Eugene Soltes (May 2015). “What Are We Meeting For? The Consequences of Private Meetings with Investors,” Journal of Law and Economics 58 (2), 325-355. Winner, Best Paper Award, Financial Research Association Conference 2012.

Wang, Yongxiang and Ray Fisman (2015). “The mortality cost of political connections,” Review of Economic Studies 82: 4 1346-1382.

Wang, Yongxiang and Ray Fisman (March 2015). “Corruption in Chinese privatizations,” Journal of Law, Economics and Organization 31:1 1-29.

Wu, Yanhui (2015). “Organizational Structure and Product Choice in Knowledge Intensive Firms,” Management Science 61(8), 1830-1848.

Zapatero, Fernando and C. Coskun (2015). “Optimal Acquisition of a Partially Hedgeable House,” Mathematics and Financial Economics 9, 123-147.

Zhang, Miao Ben, Eric Chang and Dragon Tang (2015). “Suitability Check and Household Investments in Structured Products,” Journal of Financial and Quantitative Analysis 50(3), 597-622.

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Ahern, Kenneth R., Ran Duchin and Tyler Shumway (2014). “Peer Effects in Risk Aversion and Trust,” Review of Financial Studies 27(11), 3213-3240.

Ahern, Kenneth R. (2014). “Do Common Stocks Have Perfect Substitutes? Product Market Competition and the Elasticity of Demand for Stocks,” Review of Economics and Statistics 96(4), 756-766.

Ahern, Kenneth R. and Jarrad Harford (2014). “The Importance of Industry Links in Merger Waves,” Journal of Finance 69(2), 527-576.

Ahern, Kenneth R. and Denis Sosyura (2014). “Who Writes the News? Corporate Press Releases During Merger Negotiations,” Journal of Finance 69(1), 241-291.

Chang, Tom and Tal Gross (March 2014). “How Many Pears Would a Pear Packer Pack if a Pear Packer Could Pack Pears at Quasi-Exogenously Varying Piece Rates?,” Journal of Economic Behavior & Organization 99 1-17. Lead article.

Ferson, Wayne E. and Jerchern Lin (2014). “Alpha and Performance Measurement: The Effects of Investor Disagreement and Heterogeneity,” Journal of Finance 69 (4), 1565-1596.

Ferson, Wayne E., Biqin Xie and Suresh Nallareddy (2013). “The 'out-of-sample' Performance of Long-run Risk Models,” Journal of Financial Economics 107 (3), 537-556, was summarized in Finance and Accounting Memos (2014), volume 1 (1), 106-108.

Fields, C. Kerry and Kevin C. Fields (2014). Contemporary Real Estate Law 1st edition, Wolters Kluwer. ISBN 978-1-4548-1642-3.

Frydman, Cary, Nicholas Barberis, Colin Camerer, Peter Bossaerts and Antonio Rangel (2014). “Using Neural Data to Test a Theory of Investor Behavior: An Application to Realization Utility,” Journal of Finance 69, 907-946.

Frydman, Cary, Peter Bossaerts, and John Ledyard (2014). “The Speed of Information Revelation and Eventual Price Quality in Markets with Insiders: Comparing Two Theories,” Review of Finance 18, 1-22. Lead Article. Awarded 2014 Pagano and Zechner Prize for best non-investments paper in Review of Finance.

Frydman, Cary and Antonio Rangel (2014). “Debiasing the Disposition Effect by Reducing the Saliency of Information about a Stock’s Purchase Price,” Journal of Economic Behavior and Organization 107B, 541-552.

Hoberg, Gerard, Gordon Phillips and Nagpurnanand Prabhala (February 2014). “Product Market Threats, Payouts, and Financial Flexibility,” Journal of Finance 69 (1), 293-324.

İmrohoroğlu, Ayşe and Şelale Tüzel (August 2014). “Firm Level Productivity, Risk, and Return,” Management Science 60, 2073-2090.

İmrohoroğlu, Ayşe, Selahattin İmrohoroğlu and Murat Üngör (July 2014). “Agricultural Productivity and Growth in Turkey,” Macroeconomic Dynamics 18 (5), 998-1017.

Jaimovich, Nir, Eichenbaum, Martin S., Rebelio, Sergio and Josephine Smith (April 2014). American Economic Journal: Macroeconomics 6:2 137-155.

Joslin, Scott, Marcel Priebsch and Kenneth Singleton (June 2014). “Risk Premiums in Dynamic Term Structure Models with Unspanned Macro Risk,” Journal of Finance 69 (3).

Korteweg, Arthur, Johannes, M., and N. Polson, (2014). “Sequential Learning, Predictability, and Optimal Portfolio Returns,” Journal of Finance 69 (2), 611-644.

Marino, Anthony (March 2014). “Transparency in Agency: The Constant Elasticity Case and Extensions,” International Journal of Industrial Organization XXXIII, 9-21.

Marino, Anthony and Oguzhan Özbaş (September, 2014). “Disclosure of Status in an Agency Setting,” Journal of Economic Behavior and Organization 105, 191-207.

Solomon, David H., Eugene Soltes and Denis Sosyura (July 2014). “Winners in the Spotlight: Media Coverage of Fund Holdings as a Driver of Flows,” Journal of Financial Economics 113 (1), 53-72.

Wang, Yongxiang, Ray Fisman and Hamao Yasushi (2014). “Nationalism and economic exchange: Evidence from shocks to Sino-Japanese relations,” Review of Financial Studies.

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