Summary
This digest covers the JFQA FirstView feed, which was the only source that returned complete article metadata on this Saturday run. The most relevant items for the asset pricing and microstructure agenda are Goyal, Jegadeesh, and Wu on price impact across auctions and continuous markets (a direct cost-of-trading benchmark for anomaly portfolios), and Li, Ng, and Swaminathan on the implied value premium as a predictor of value-growth cycles, which speaks to conditional factor pricing and the value-premium-is-dead debate. A China-focused JFQA paper (Niu, Xiang, Yang, and Zhou) exploits staggered house purchase restrictions to identify housing-speculation spillovers, useful as a methodological template for HPR or similar quasi-natural experiments in the Chinese cross-section. SSRN, NBER, JF Early View, JFE, RFS, and JBF Articles in Press returned client-rendered shells today and could not be parsed; coverage gaps are flagged under Notes.
Working Papers (SSRN, NBER)
Experiences, Expectations, and Asset Prices
- Authors: Stefan Nagel
- Source: NBER WP 34675
- Area: behavioral / asset pricing factors
- Abstract excerpt: "In models with subjective beliefs, the dynamics of investor beliefs are central to explaining asset price movements. I review recent research that explores experience-based belief formation. At the aggregate level, experience-based expectations formation can explain asset price dynamics; in the stock market, learning from experience about long-run cash flow growth generates valuation cycles and return predictability."
- Relevance: Bridges subjective belief formation with cross-sectional and time-series return predictability, complementing Hang's equity premium prediction agenda (JBF 2024). Experience-based heterogeneity is a candidate state variable for conditional asset pricing models and for explaining the equity premium puzzle in the Chinese market, where investor demographics turn over more rapidly than in the U.S.
Forthcoming / Online-First (JF, JFE, RFS, JFQA, JBF)
Household Finance at the Origin: Home Ownership as a Cultural Heritage from Agriculture
- Authors: Guillaume Vuillemey
- Source: JFQA FirstView, 06 May 2026
- Area: household finance / behavioral
- Abstract excerpt: "I show that home ownership decisions across countries and individuals are shaped by a cultural heritage from agriculture. Individuals originating from societies with a history of crop agriculture, where the dominant asset was land, are more likely to be homeowners. For identification, I rely both on home ownership decisions of second-generation immigrants in the United States and on an instrument."
- Relevance: Tangential to Hang's core agenda but methodologically interesting as an instrumental-variable strategy for asset-allocation preferences. Could motivate exploring whether agricultural-heritage proxies forecast cross-sectional differences in idiosyncratic risk-taking among Chinese households.
Why Do Bank Boards Have Risk Committees?
- Authors: René M. Stulz, James Tompkins, Rohan Williamson, Zhongxia (Shelly) Ye
- Source: JFQA FirstView, 01 April 2026
- Area: corporate governance / risk