Research and Publications

Babson College encourages and supports a variety of thought leadership and research activities to increase the public visibility and academic reputation of the College and its faculty, regionally, nationally, and internationally.

Below is a sampling of published research, working papers and areas of research being pursued by the Babson College finance division faculty.

Featured Publications 

2019 and Forthcoming 

Bessembinder, H., Hao, J., Zheng, K. (2019). Liquidity Provision Contracts and Market Quality: Evidence from the New York Stock Exchange.  Review of Financial Studies, forthcoming.

Bradley, D., Clarke, J., Zeng, L. (2019). The Speed of Information and the Sell-Side Research IndustryJournal of Financial and Quantitative Analysis, forthcoming.

Décaire, P., Gilje, E.P., Taillard, J.P. (2019). Real Option Exercise: Empirical Evidence. Review of Financial Studies, forthcoming.

Goldstein, M.A., Hotchkiss, E.S. (2019). Providing Liquidity in an Illiquid Market: Dealer Behavior in U.S. Corporate BondsJournal of Financial Economics, forthcoming.

Barardehi, Y.H., Bernhardt, D., Davies, R.J. (2019). Trade-Time Measures of LiquidityReview of Financial Studies 31(1), 126-179.

2018  

Behr, P., Kisgen, D., Taillard, J.P. (2018). Did Government Regulations Lead to Inflated Credit RatingsManagement Science 64(3), 983-1476.

2017 

Bowen, D.E., Fresard, L., Taillard, J.P. (2017). What's your identification strategy? Innovation in Corporate Finance ResearchManagement Science 63(8), 2529-2548.

Gilje, E.P., Taillard, J.P. (2017). Does Hedging Affect Firm Value? Evidence from a Natural Experiment. Review of Financial Studies 31(12), 4083-4132.

2016  

Gilje, E.P., Taillard, J.P. (2016). Do Private Firms Invest Differently than Public Firms? Taking Cues from the Natural Gas IndustryJournal of Finance 71(4), 1733-1778.

Potter, M.E.,  Schwarz, C.G. (2016). Revisiting Mutual Fund Portfolio DisclosureReview of Financial Studies 29, (12), 3519-3544.

2015  

Bessembinder, Hao, J., H., Zheng, K. (2015). Market Making Contracts, Firm Value, and the IPO Decision. Journal of Finance 70, 1997-2028. 

Recent Publications 

2019 and Forthcoming   

Davies, R.J., Hevert, K.T. (2019). Stay-out adjustments and multi-year regulatory rate plansThe Quarterly Review of Economics and Finance, forthcoming.

Hasanhodzic, J., Kotlikoff, L. (2019). Valuing Government Obligations When Markets Are IncompleteJournal of Money, Credit, and Banking, forthcoming.

Hasanhodzic, J., Lo, A.W. (2019). On Black's Leverage Effect in Firms With No Leverage. Journal of Portfolio Management, forthcoming.

Krigman, L.A., Rivolta, M. (2019). Can non-CEO inside directors add value? Evidence from unplanned CEO turnoversReview of Accounting and Finance, forthcoming.

Goldstein, M.A., Hotchkiss, S.E., Pedersen, D.J., (2019). Secondary Market Liquidity and Primary Market Pricing of Corporate BondsJournal of Risk and Financial Management 12(2), 86.

Goldstein, M.A., McCarthy, J., Orlov, A.G. (2019). The Core, Periphery, and Beyond: Stock Market Comovements among EU and Non‐EU Countries. The Financial Review 54, 5-56.

Hasanhodzic, J., Lo, A.W., Viola, E. (2019). What Do Humans Perceive in Asset Returns? Journal of Portfolio Management 45 (4), 49-60.

2018  

Arbetter, T., Chang, A., Fetterer, F., Goldstein, M.A., Lynch, A.H., Zsom, A., (2018). The step-like evolution of Arctic open waterScientific Reports 8(16902), 1-9.

2017

Goldstein, M.A., Haghdadi, N., Ma, S., MacGill, I., Pitman, A.J., (2017). Pricing the urban cooling benefits of solar panel deployment in Sydney, AustraliaScientific Reports 7 (43938).  

Goldstein, M.A., Parr, C., Sturm, M. (2017). Water and life from snow: A trillion dollar science questionWater Resources Research 53 (5), 3534–3544.

2016  

Jeffus, W., Krigman, L.A. (2016). IPO Pricing as a Function of your Investment Banks’ Past Mistakes: The Case of FacebookJournal of Corporate Finance. 38, 335-344.

2015  

Atanasov, V., Davies, R.J., Merrick, J.J. (2015). Financial intermediaries in the midst of market manipulation: Did they protect the fool or help the knave?  Journal of Corporate Finance 34, 210-234.

Bradley, D., Kim, I., Krigman, L.A., (2015). Top VC IPO Underpricing. Journal of Corporate Finance. 31, 186-202.

Chartier, F.A., Edmunds, J.C. (2015). Latin American Economic Growth: Disparate Paths, Creditable Accomplishments. Global Journal of Emerging Market Economies. 7 (1), 21-27.

Gao, P., Hao, J., Kalcheva, I., Ma, T. (2015). Short Sales and the Weekend Effect - Evidence from Hong Kong. Journal of Financial Markets 26, 85-102.

Goldstein, M.A. (2015). Circuit Breakers, Trading Collars, and Volatility Transmission Across Markets: Evidence from NYSE Rule 80A. The Financial Review 50 (3), 459–479.

Goldstein, M.A., Goyal, A., Lucey, B.M., Muckley, C.B. (2015). The Global Preference for Dividends in Declining Markets. The Financial Review 50 (4), 575-609.

Harris, L., Kyle, A.S., Sirri, E.R. (2015). Statement of the Financial Economists Roundtable, April 2015: The Structure of Trading in Bond Markets. Financial Analysts Journal 71(6), 4.