Issue Information: European Financial Management 4/2018

• DOI: http://doi.org/10.1111/eufm.12154
• Date: 01 September 2018
• Published date: 01 September 2018

Volume 24 Number 4 SEPTEMBER 2018

EUROPEAN

FINANCIAL MANAGEMENT

The Journal of the European Financial Management Association

Special Issue on Corporate Policies and Asset Prices

Guest Editor: Professor Lu Zhang, Ohio State University

EDITORIAL

EFM Special Issue “Corporate Policies and Asset Prices” 487

LU ZHANG

ARTICLES

A Framework for Identifying Accounting Characteristics for Asset

Pricing Models, With an Evaluation of Book-to-Price 488

STEPHEN H. PENMAN, FRANCESCO REGGIANI,

SCOTT A. RICHARDSON and ˙

IREM TUNA

Focal Points and Firm Risk 521

YE CAI and HERSH SHEFRIN

The Profitability Effect: Insights From International Equity Markets 545

TE-FENG CHEN, LEI SUN, K. C. JOHN WEI and FEIXUE XIE

There Are Two Very Different Accruals Anomalies 581

ANDREW DETZEL, PHILIPP SCHABERL and JACK STRAUSS

The Relation Between Bank Credit Growth and the Expected

Returns of Bank Stocks 610

PRIYANK GANDHI

The Cost of Capital Effect of M&A Transactions: Disentangling

Coinsurance From the Diversification Discount 650

PATRICK BIELSTEIN, MARIO FISCHER

and CHRISTOPH KASERER

Investor Heterogeneity and Trading 680

ANZHELA KNYAZEVA, DIANA KNYAZEVA

and LEONARD KOSTOVETSKY

MANAGING EDITOR:

John A. Doukas

EDITORS:

Julian Franks

Pekka Hietala

Michael C. Jensen

Larry Lang

Colin Mayer

ADVISORY EDITORS:

Elroy Dimson

Stefano W. Giglio

Tim Jenkinson

Maureen O’Hara

Bruno Solnik

Sheridan Titman

Luigi Zingales

EDITORIAL BOARD:

R. Adams

R. Aggarwal

F. Allen

M. Baker

G. Barone-Adesi

M. Becht

B. Biais

G. M. Bodnar

A. Buraschi

P. Colin-Dufresne

I. Cooper

M. Cremers

D. Cumming

A. Dasgupta

B. E. Eckbo

A. Edmans

V. Errunza

D. Ferreira

M. A. Ferreira

T. Foucault

M. Giannetti

M. Goergen

C. R. Harvey

D. Hirshleifer

K. John

S. Kaplan

B. Liang

C. Loderer

L. Pelizzon

L. Renneboog

J. R. Ritter

J. Rocholl

S. Rossi

G. Rouwenhorst

A. Saunders

E. Schwartz

H. Servaes

R. Stulz

A. Subrahmanyam

L. Switzer

C. Veld

R. Wermers

L. Zhang ISSN 1354-7798