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Predicting anomaly performance with politics, the weather, global warming, sunspots, and the stars （用美国政治、曼哈顿天气、全球变暖、厄尔尼诺、太阳黑子、行星排列等预测异象业绩） Robert Novy-Marx Simon Graduate School of Business, University of Rochester Abstract: Predictive regressions find that the party of the Source: Journal of Financial Economics, 2014, 112(2): 137-146 简评：仅凭这标题和精悍的摘要，就不需要任何附加评论，论文全文加参考文献更是只有10页，你没看错，这篇文章是出自大名鼎鼎的JFE杂志。
Masculinity, Testosterone, and Financial Misreporting （男子气概、荷尔蒙睾丸酮素与财务错报） YUPING JIA Frankfurt School of Finance & Management LAURENCE VAN LENT, YACHANG ZENG Center and Department of Accountancy, Tilburg University Abstract: We examine the relation between a measure of male CEOs' facial masculinity and financial misreporting. Facial masculinity is associated with a complex of masculine behaviors (including aggression, egocentrism, riskseeking, and maintenance of social status) in males. One possible mechanism for this relation is that the hormone testosterone influences both behavior and the development of the face shape. We document a positive association between CEO facial masculinity and various misreporting proxies in a broad sample of S&P1500 firms during 1996-2010. We complement this evidence by documenting that a CEO's facial masculinity predicts his firm's likelihood of being subject to an SEC enforcement action. We also show that an executive's facial masculinity is associated with the likelihood of the SEC naming him as a perpetrator. We find that facial masculinity is not a measure of overconfidence. Finally, we demonstrate that facial masculinity also predicts the incidence of insider trading and option backdating. Source: Journal of Accounting Research, 2014, 52(5): 1195-1246 简评：看到这篇论文不禁感叹，关于高管特征（CEO）的研究在国外已经先进到相貌与生物特征了，顿时觉得教育背景、社会网络、职业能力、年龄与一般性别等研究已经out了。
Using Neural Data to Test a Theory of Investor Behavior: An Application to Realization Utility （用神经系统数据检测投资者行为理论: 实现效用的一个应用） CARY FRYDMAN Marshall School of Business, University of Southern California NICHOLAS BARBERIS Yale School of Management COLIN CAMERER, ANTONIO RANGEL California Institute of Technology PETER BOSSAERTS David Eccles School of Business, University of Utah Abstract: We conduct a study in which subjects trade stocks in an experimental market while we measure their brain activity using functional magnetic resonance imaging. All of the subjects trade in a suboptimal way. We use the neural data to test a 'realization utility' explanation for their behavior. We find that activity in two areas of the brain that are important for economic decision-making exhibit activity consistent with the predictions of realization utility. These results provide support for the realization utility model. More generally, they demonstrate that neural data can be helpful in testing models of investor behavior. Source: Journal of Finance, 2014, 69(2): 907-946 简评：看到这篇论文顿时觉得，跟上一篇论文比还是这篇论文“高科技”，什么大样本回归、调查访谈、案例分析与传统行为实验研究一下子都out了，研究人的行为，就要来最直接的检测。我想知道，中国现在有这种医学设备做这种财务与会计研究吗？
PS：我们推送这三篇论文绝无调侃或戏谑的意味，我们相信经过国际顶级期刊审稿程序发表出来的论文具有较强的科学性、严谨性与说服力，希望大家有时间能下载论文全文学习一番，支持大家多做一些创新性较大的研究。
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