Download - What’s Hot in Finance (2007-11)
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 1/68
Electronic copy available at: http://ssrn.com/abstract=2142203Electronic copy available at: http://ssrn.com/abstract=2142203
What’s Hot in Finance
(2007‐11)
Students of F798
(Indiana University)
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 2/68
Electronic copy available at: http://ssrn.com/abstract=2142203Electronic copy available at: http://ssrn.com/abstract=2142203
Who
is
Winning?Impact Factor Data from Journal Citation Reports®:
http://admin‐apps.webofknowledge.com/JCR/JCR?RQ=HOME
JF, 4.218
JFE, 3.725
RFS, 4.748
JFQA, 1.775ROF, 1.591
JPE, 2.902AER, 2.693
QJE, 5.92
0
1
2
3
4
5
6
7
2007 2008 2009 2010 2011
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 3/68
What’s hot?
Journal of [email protected]
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 4/68
Background
• Each issue of the journal reaches over 8,000academics, finance professionals, libraries,
government and financial institutions around theworld.
• Published six times a year
• Editorial Board
– Editor:• Kenneth J Singleton, Stanford University
– Co-Editors
• Bruno Biais, Toulouse School of EconomicsMichael R. Roberts, University of Pennsylvania
9/4/2012 2
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 5/68
9/4/2012 3
Submission Process in DetailProcessing
TimeNumber
Cumulative
Percentage
Less than 20
days 2700 25.30%
20-29 days 553 30.40%
30-39 days 1207 41.70%
40-49 days 1539 56.10%
50-59 days 1097 66.40%
60-69 days 810 74.00%
70-79 days 563 79.30%
80-89 days 430 83.30%
90-99 days 392 87.00%
or more1393 100.00%
Median
turnaround 45
Number Percentage
Rejected 8274 77.40%
Returned forRevisions
1837 17.20%
Accepted 573 5.40%
Total 10684 100.00%
Rejected Revise Accepted
Round 1 8155 1006 2
Round 2 98 534 102
Round 3 19 236 246
Round 4 2 57 171
Round 5 0 4 50
Decisions by Round
Editorial Decisions
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 6/68
9/4/2012 4
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 7/68
Asset Pricing• Classic
– Term Structure (evolvement of theoretical models)
– Treasury bond • Information and liquidity risk pricing
– Long-horizon risk of equity
– Portfolio choice
• Financial crisis (discussion for the reasons)
• Link with corporate finance
– Momentum and credit rating
9/4/2012 5
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 8/68
9/4/2012 6
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 9/68
Corporate Finance I• Classic (old topics, new methodology)
– Capital structure, M&A, financing & investment
• Corporate governance (interaction with other fields)
– Governance and information flow, labor, capital structure – Governance tradeoffs
– CEO compensation, board structure / inside debt, entrenched managers
• Interaction between the firm and the financial markets (security studies) – Security design to induce information from the equity market
– Feedback effects• 2-way feedback
• Corporate bond (less explored ) – Transparency, transaction cost
9/4/2012 7
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 10/68
Corporate Finance II• Private/public firms (less explored )
– Different financing cost (data from UK)
– The decision to go private
• Discount rate (Presidential address)
• Shareholder proposal
• Venture capital, innovation (new and booming)
9/4/2012 8
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 11/68
9/4/2012 9
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 12/68
Microstructure I• Liquidity (travelled a lot )
– liquidity and law of one price
– liquidity crises: predatory trading liquidity coinsurance,
crisis liquidity or credit risk? – liquidity and transaction cost, analyst disagreement and
mispricing
• Trading (linked to behavioral issues) – limited attention and allocation of efforts to trading
– Reputation effects
– Trust and limited participation in the stock market
– Trade initiation from market sideness – Sensation seeking, overconfidence
9/4/2012 10
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 13/68
Microstructure II• Short sale (special data and event study)
– Use it a background to test other theories
– Supply and demand shifts in the shorting market(proprietary data on stock loan fees and quantitiesfrom a large institutional investor)
– Short-sale constraints and price discovery
(evidence from Hong Kong)
– Effects of the Securities and ExchangeCommission (SEC)-mandated temporarysuspension of short-sale price tests for a set ofPilot securities
9/4/2012 11
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 14/68
Investment• Hedge fund/ Mutual fund (with a focus on
managers)
– High-water-mark compensation contracts
of hedge fund managers and their portfolio
choice
– Shareholder activism
– Managerial ability and closed-end fund
– Director ownership in the industry
9/4/2012 12
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 15/68
New topics / methodologies• Internet, Media, Sports
• Corporate speculation/ hedging
• Labor • Labor and corporate governance (union laws, international evidence)
• Human capital and equity investment as portfolio choice
• Share Repurchases and Pay-Performance Sensitivity of EmployeeCompensation Contracts
• Work Ethic, Employment Contracts, and Firm Value• Employee stock options and investment
• Political uncertainty
• Corporate investment
• Textual analysis
9/4/2012 13
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 16/68
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 17/68
What’s
Hot
in
JFE
(2008
– 2012)
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 18/68
JFE
Facts• Journal of Financial Economics, Published by Elsevier.
• Operated by Simon School of Business at University of
Rochester.
• First issue published in May 1974, now published monthly.
• Principle:
“Papers that raise a new question or pose an old one in an innovative
way and papers that test theories in specialized ways or document
interesting phenomena which are likely to stimulate new research are
emphasized.”
• What we pay:
– Subscriber $600.
– Nonsubscriber $650.
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 19/68
JFE
Facts• What we get:
– Median Turnaround 28 days.
– Acceptance Rate 10% (out of 1237).
– 2011 Impact Factor: 3.725. Third in Finance.
– 5‐Year Impact Factor: 5.676.
– Two‐Stage Review Process:
• 1. “I will screen all submissions and determine whether, even if the claims of
the authors are correct, the topic of the paper is of sufficiently broad interest
to warrant publication in the JFE . If I determine that the paper does not meet
that standard, I will send a quick rejection letter and refund all but $100 of the
submission fee. The submitting author will receive no referee's report and there
will be no right of appeal. My goal is to have fewer referees' reports that merelysay "this paper is OK, but just not interesting/broad enough for the JFE .“”
• 2. Real review process.
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 20/68
Number
of
Articles
9792
101
136
103
0
20
40
60
80
100
120
140
160
2008 2009 2010 2011 2012
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 21/68
Theoretical
vs.
Empirical
168
1311
13
8184
88125
90
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2008 2009 2010 2011 2012
Theoretical Empirical
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 22/68
Trend
by
Areas
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2008 2009 2010 2011 2012
Other
Microstructure
Investment
Corporate Finance
Asset Pricing
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 23/68
Asset
Pricing
Topics• Pricing of Specific Assets
– Derivatives
– Fixed Income
–
Mortgage backed Securities• Explaining Empirical Facts
– Return Predictability
– Anomalies and Puzzles
– Cross‐Sectional and Time Series of Returns
–
International Facts• New Pricing Factors and Models
– Macro Models
– Liquidity Factor
– Political Factors
•
Other Topics – Sentiment
– Short Selling Constraint
– New Methodologies
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 24/68
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 25/68
Corporate
Finance
Topics• Firm Financial Decisions
– Capital Structure
– Investment Decision
– Payout Decision
– Loan Financing – Market Timing
• IPO and M&A – IPO Decision and Wave
– Analysts’ role in IPO and M&A
– Information Asymmetry and Agency Problem
• Managers and Governance – Compensation and Incentives
– Board and Monitoring
– Executive Behavior
– Legal Factors
• Other Topics – Venture Capital and Entrepreneurship
– Political Factors
– International Facts
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 26/68
Corporate
Finance
Topics
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2008 2009 2010 2011 2012
Other
Managers & Governance
IPO and
M&A
Financial Decisions
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 27/68
Microstructure
Topics• Market Design and Rules
– Opaqueness and Market Fragility
– Cross‐Listing
– Short Selling
• Limit Order Market – Dynamic Limit Order Book
–
Impact of Limit Order• Investor Behavior and Trading Strategies
• Information and Liquidity – Liquidity
– Informed Trading
– Microstructure and Asset Pricing
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 28/68
Microstructure
Topics
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2008 2009 2010 2011 2012
Informativeness & Liquidity
Investor Behavior & Strategies
Limit Order
Market
Market Design & Rules
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 29/68
Investment
Topics• Mutual Fund
– Performance
–
Flow of Liquidity – Regulation
• Hedge Fund
• International Investment
• Other Topics – Sovereign Fund
– Sentiment
– Religion, Sin Stock.
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 30/68
Investment
Topics
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2008 2009 2010 2011 2012
Other
International
Hedge Fund
Mutual Fund
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 31/68
Other
Topics• Banking
– Bank Liquidity and Failure
– Loan and Credit Lines
– Banking and Corporate Finance
• Bubbles and Crisis
– Causes of Bubbles and Crisis
– Impact on Markets and Economy
– Mortgage Market – Microstructure Explanations
• Other Topics
– Legal and Political Connection
– Investor Sentiment – Credit Rating
– New Methodologies
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 32/68
Other
Topics
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2008 2009 2010 2011 2012
Other
Bubbles & Crisis
Banking
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 33/68
Conclusion• There are more topics that cannot easily be categorized
within purely one area.
• Techniques from one area are more frequently to be applied
to other areas.• More theoretical papers contain an empirical part or at least
simulations.
• Many novo research questions emerged after the crisis.
• Corporate Finance: Hottest but Cooling Down
• Asset Pricing: Slightly Hotter
• Microstructure: Hold
• Investment: Hold (Mutual Down, Hedge Up)• Other Topics: Hotter (Esp. Sentiment)
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 34/68
What’s Hot in the Review of
Financial Studies
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 35/68
About The Review of FinancialStudies
• The Review of Financial Studies (RFS) is highly
respected journal within the finance literature• 2011 Impact Factor of 4.748 ranking it number 1 of 86
Business and Finance Journals
• Impact trending up
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5
2007 2008 2009 2010 2011
Impact Factor
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 36/68
Submission Process
• Submit your manuscript
• Decision made within 120 days or your money
back (Median turnaround 45 days)
• Goal to have decision within two or three rounds
• Acceptance Rate: 6.8%
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 37/68
Other Notes
• Current Executive Editor: David Hirshleifer
• Previous Editor: Matthew Spiegel (2005-2011)
• Did not publish monthly until 2009
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 38/68
Articles by Year
0
20
40
60
80
100
120
140
160
2007 2008 2009 2010 2011 2012
2007
2008
2009
2010
2011
2012
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 39/68
Are you a Theorist or Empiricist?
0%10%
20%
30%
40%50%
60%
70%
80%90%
100%
2007 2008 2009 2010 2011 2012
Theory
Empirical
Both
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 40/68
What About Content?
0%10%
20%
30%
40%
50%60%
70%
80%
90%
100%
2007 2008 2009 2010 2011 2012
Topics by Year
Other
MMInv
CF
AP
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 41/68
Asset Pricing
• Pricing of Specific Assets• Explaining of Empirical Facts
• Other Topics –New Methodologies
–Sentiment
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 42/68
Asset Pricing
0%10%
20%
30%
40%50%
60%
70%
80%90%
100%
2007 2008 2009 2010 2011 2012
Pricing
Other
Exp Emp Facts
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 43/68
Corporate Finance
• Firm Financial Decisions
• IPO’s / Mergers and Acquisitions
• Managers and Governance
• Other Topics
– Venture Capital
– International Facts
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 44/68
Corporate Finance
0%10%
20%
30%
40%50%
60%
70%
80%90%
100%
2007 2008 2009 2010 2011 2012
Other
Mgr GovnIPO M&A
Firm Fin Dec
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 45/68
Investments
• Mutual Funds
• Hedge Funds
• International
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 46/68
Investments
0%10%
20%
30%
40%50%
60%
70%
80%90%
100%
2007 2008 2009 2010 2011 2012
MF
Intl
HF
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 47/68
Market Microstructure
• Market Design and Rules• Limit Order Market
• Investor Behavior and Trading• Information and Liquidity
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 48/68
Market Microstructure
0%10%
20%
30%
40%50%
60%
70%
80%90%
100%
2007 2008 2009 2010 2011 2012
Mkt Des Rules
Lim Order Info Liq
Inv Beh Trad Strat
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 49/68
Other Topics
• Banking• Bubbles and Crisis
• Other Topics –Politics
–Credit Ratings
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 50/68
Other Topics
0%10%
20%
30%
40%50%
60%
70%
80%90%
100%
2007 2008 2009 2010 2011 2012
Other
Bubbles/Crisis
Banking
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 51/68
Conclusions
• Empirical studies are dominating
• Asset Pricing and Corporate Finance
are hot
• Large shocks increase “Other” papers
• Crossover in categories increasingwith time
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 52/68
2007 – 2011
What’s Hot in JFQA
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 53/68
About JFQA• Subjects: Banking, finance & investing, quantitative research
• Description: Theoretical and empirical research in financial economics, including corporatefinance, investments, capital and security markets and quantitative methods of particularrelevance to financial researchers.
• 4 Editors: University of Utah (1), NYU (1), University of Washington (2)
• More information on JFQA: http://journals.cambridge.org/action/displayJournal?jid=JFQ#
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 54/68
Publication Process• Began publication in 1966
• Published by: University of Washington (in cooperation with University of Utah and NYU,and Cambridge University Press)
• Issued every other month beginning in 2009 (previously, issued quarterly)
• $250 submission fee (effective July 1, 2012)
• Acceptance rate for submitted articles = 8%
• +600 manuscripts submitted annually
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 55/68
Number of Articles
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 56/68
Theoretical vs. Empirical
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 57/68
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 58/68
Corporate Topics• Firm financial decisions
– Capital structure
– Investment decisions
– Payout decisions (dividend and repurchases)
– SEOs
• IPOs and M&A
– Signaling
– IPO pricing – IPO and M&A incentives
– Role of governance
• Managers and Governance
– Board changes
– Managerial characteristics – Compensation
• Other Topics
– Corporate event waves
– Ownership structure
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 59/68
Corporate Topics
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 60/68
Asset Pricing Topics• Specific asset pricing
– Fixed income
– Derivatives
– Credit default swaps
– Currency rates
• Returns analysis
– Cross section and time-series
– Liquidity shocks and returns – Risk and return
– Momentum
• New pricing models
– CAPM using new econometric techniques
– New liquidity/volatility measures• Other
– Valuation (firm, annuities)
– Returns in emerging markets
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 61/68
Asset Pricing Topics
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 62/68
Microstructure• Market quality and information
– Liquidity and order flow – Trading volume
– Exchange rate co-movements
– Information quality
– International market integration
– Market timing• Trading strategies and investor type
– Informed traders
– Anonymous trading
– Trading strategies in options
• Other
– Auctions
– Delistings
– Transaction costs
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 63/68
Microstructure Topics
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 64/68
Investment• Venture capital
– Governance
– Reputation
– Conflicts of interest
• Hedge funds
– Risk
– Return smoothing• Portfolio management
– Performance
– Selection
– Investment styles
• Mutual Funds
– Asset allocation
– Performance
– Governance
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 65/68
Investment Topics
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 66/68
Other topics• Accounting
– Analysts (forecasts, emerging markets)
– Earnings management
– Earnings announcements
– Taxes
• Investment banking
• Bankruptcy and financial distress costs• Behavioral
• Other
– Legal actions (shareholder rights)
– Political markets
– Innovation
– Labor markets
– Family firms
– Bubbles
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 67/68
Other Topics
8/9/2019 What’s Hot in Finance (2007-11)
http://slidepdf.com/reader/full/whats-hot-in-finance-2007-11 68/68
Conclusion• Corporate finance is “ hot” !
– In 2011, there was a resurgence of IPO research
– Other popular areas include ownership structure, governance, capital structure, and
payout decisions• Asset pricing is cooling down, but still popular
– In 2007, fixed income pricing was very popular.
– In 2011, derivative/option pricing is the most popular sub-topic.
– Expected returns and volatility/liquidity factors has been another popular area.
• Microstructure remains very “ cool”
• Investment is getting “ hotter”
– Investment articles are nearly as popular as asset pricing articles in 2011.
– Portfolio management has been consistently popular in the past 5 years.
– In 2011, venture capital gained popularity• Other is a “ hold”
– Even though it is a hold, it is quite popular due to the variety of articles published
– Accounting is trending, particularly articles relating to analyst forecasts