# | Title | Journal | Year | Citations |
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1 | Theory of the firm: Managerial behavior, agency costs and ownership structure | Journal of Financial Economics | 1976 | 46,269 |
2 | Common risk factors in the returns on stocks and bonds | Journal of Financial Economics | 1993 | 21,250 |
3 | Corporate financing and investment decisions when firms have information that investors do not have | Journal of Financial Economics | 1984 | 13,726 |
4 | Determinants of corporate borrowing | Journal of Financial Economics | 1977 | 9,625 |
5 | Management ownership and market valuation | Journal of Financial Economics | 1988 | 5,698 |
6 | Industry costs of equity | Journal of Financial Economics | 1997 | 5,280 |
7 | Higher market valuation of companies with a small board of directors | Journal of Financial Economics | 1996 | 5,165 |
8 | Using daily stock returns | Journal of Financial Economics | 1985 | 5,152 |
9 | Bid, ask and transaction prices in a specialist market with heterogeneously informed traders | Journal of Financial Economics | 1985 | 4,850 |
10 | A five-factor asset pricing model | Journal of Financial Economics | 2015 | 4,843 |
11 | An equilibrium characterization of the term structure | Journal of Financial Economics | 1977 | 4,796 |
12 | Investor protection and corporate governance | Journal of Financial Economics | 2000 | 4,757 |
13 | Option pricing: A simplified approach | Journal of Financial Economics | 1979 | 4,710 |
14 | Option pricing when underlying stock returns are discontinuous | Journal of Financial Economics | 1976 | 4,559 |
15 | The relationship between return and market value of common stocks | Journal of Financial Economics | 1981 | 4,470 |
16 | The separation of ownership and control in East Asian Corporations | Journal of Financial Economics | 2000 | 4,270 |
17 | The theory and practice of corporate finance: evidence from the field | Journal of Financial Economics | 2001 | 4,205 |
18 | Asset pricing and the bid-ask spread | Journal of Financial Economics | 1986 | 4,081 |
19 | Earnings management and investor protection: an international comparison | Journal of Financial Economics | 2003 | 4,081 |
20 | Women in the boardroom and their impact on governance and performance☆ | Journal of Financial Economics | 2009 | 3,651 |
21 | Outside directors and CEO turnover | Journal of Financial Economics | 1988 | 3,552 |
22 | Expected stock returns and volatility | Journal of Financial Economics | 1987 | 3,450 |
23 | The market for corporate control | Journal of Financial Economics | 1983 | 3,423 |
24 | Corporate governance, chief executive officer compensation, and firm performance1The financial support of Nomura Securities and Ernst & Young LLP is gratefully acknowledged. We appreciate the able research assistance of Dan Nunn. We acknowledge the helpful comments of Abbie Smith (the referee), Kevin Murphy, and workshop participants at Columbia University, the University of California – Los Angeles, the University of Colorado – Boulder, Harvard University, George Washington University, Massachusetts Instit | Journal of Financial Economics | 1999 | 3,416 |
25 | Additional evidence on equity ownership and corporate value | Journal of Financial Economics | 1990 | 3,372 |
26 | Business conditions and expected returns on stocks and bonds | Journal of Financial Economics | 1989 | 3,258 |
27 | A model of investor sentiment1We are grateful to the NSF for financial support, and to Oliver Blanchard, Alon Brav, John Campbell (a referee), John Cochrane, Edward Glaeser, J.B. Heaton, Danny Kahneman, David Laibson, Owen Lamont, Drazen Prelec, Jay Ritter (a referee), Ken Singleton, Dick Thaler, an anonymous referee, and the editor, Bill Schwert, for comments.1 | Journal of Financial Economics | 1998 | 3,195 |
28 | Law, finance, and economic growth in China | Journal of Financial Economics | 2005 | 3,120 |
29 | How do family ownership, control and management affect firm value? | Journal of Financial Economics | 2006 | 3,044 |
30 | The investment opportunity set and corporate financing, dividend, and compensation policies | Journal of Financial Economics | 1992 | 3,015 |
31 | Market efficiency, long-term returns, and behavioral finance1The comments of Brad Barber, David Hirshleifer, S.P. Kothari, Owen Lamont, Mark Mitchell, Hersh Shefrin, Robert Shiller, Rex Sinquefield, Richard Thaler, Theo Vermaelen, Robert Vishny, Ivo Welch, and a referee have been helpful. Kenneth French and Jay Ritter get special thanks.1 | Journal of Financial Economics | 1998 | 2,944 |
32 | The ultimate ownership of Western European corporations | Journal of Financial Economics | 2002 | 2,907 |
33 | The law and economics of self-dealing | Journal of Financial Economics | 2008 | 2,902 |
34 | Dividend yields and expected stock returns | Journal of Financial Economics | 1988 | 2,848 |
35 | The determinants and implications of corporate cash holdings | Journal of Financial Economics | 1999 | 2,792 |
36 | Managerial discretion and optimal financing policies | Journal of Financial Economics | 1990 | 2,766 |
37 | Measuring security price performance | Journal of Financial Economics | 1980 | 2,584 |
38 | The great reversals: the politics of financial development in the twentieth century | Journal of Financial Economics | 2003 | 2,574 |
39 | On financial contracting | Journal of Financial Economics | 1979 | 2,513 |
40 | On estimating the expected return on the market | Journal of Financial Economics | 1980 | 2,506 |
41 | The information content of stock markets: why do emerging markets have synchronous stock price movements? | Journal of Financial Economics | 2000 | 2,496 |
42 | Diversification's effect on firm value | Journal of Financial Economics | 1995 | 2,491 |
43 | Finance and the sources of growth | Journal of Financial Economics | 2000 | 2,438 |
44 | A critique of the asset pricing theory's tests Part I: On past and potential testability of the theory | Journal of Financial Economics | 1977 | 2,433 |
45 | Estimating betas from nonsynchronous data | Journal of Financial Economics | 1977 | 2,385 |
46 | Bank governance, regulation and risk taking | Journal of Financial Economics | 2009 | 2,369 |
47 | The valuation of options for alternative stochastic processes | Journal of Financial Economics | 1976 | 2,362 |
48 | Disappearing dividends: changing firm characteristics or lower propensity to pay? | Journal of Financial Economics | 2001 | 2,347 |
49 | Detecting long-run abnormal stock returns: The empirical power and specification of test statistics | Journal of Financial Economics | 1997 | 2,314 |
50 | Managerial incentives and risk-taking☆ | Journal of Financial Economics | 2006 | 2,313 |