Skip to content
SFS
Home
About
SFS Council
By-Laws
Financial Information
SFS 35th Anniversary Video
History
News Archive
COI Statements
Membership / Login
News
Policies
Disclosure Policy for Authors
Dual Submission Policy
Conflict of Interest Policy
SFS Privacy Policy
Contact Us
Cavalcades
SFS Cavalcade Asia-Pacific
SFS Cavalcade North America
SFS Cavalcade Awards
Review of Financial Studies
RFS Home
Submissions
Submit a Paper
Guidelines for Submissions
Review Policy
Accepted Papers Checklist
Errata Policy
Comments and Retractions
Guidelines for Addenda
Appeals
RFS Dataverse
Code Sharing Policy
Conflict of Interest Policy
Dual Submission Policy
Disclosure Policy for Authors
Editors’ Joint Policy
Referee Confidentiality
Submission FAQ
Referees
Submit a Report
Advice for Referees
About the RFS
Aims and Scope
Best Practices
Editorial Team
Subscribe to RFS
Latest and Past Issues
History
Awards
Rising Scholar Award
Conference Archive
News Archive
RFS FAQ
Papers
Published Papers
Forthcoming
RFS News
Contact Us
Review of Asset Pricing Studies
RAPS Home
Submissions
Submit a Paper
Guidelines for Submissions
Review Policy
Accepted Papers Checklist
Errata Policy
Guidelines for Addenda
Dual Submission Policy
Appeals
Code Sharing Policy
Conflict of Interest Policy
Editors’ Joint Policy
Submission FAQ
Referees
Submit a Report
Advice for Referees
About the RAPS
Aims and Scope
Best Practices
Editorial Team
Subscribe to RAPS
Latest and Past Issues
History
Awards
Rising Scholar Award
Conference Archive
Papers
Published
Forthcoming
RAPS/RCFS Europe Conference
RAPS News
Contact Us
Review of Corporate Finance Studies
RCFS Home
Submissions
Submit a Paper
Guidelines for Submissions
Review Policy
Accepted Papers Checklist
Errata Policy
Guidelines for Addenda
Dual Submission Policy
Prior Review Process
Appeals
RCFS Dataverse
Code Sharing Policy
Conflict of Interest Policy
Editors’ Joint Policy
Submission FAQ
Referees
Submit a Report
Advice for Referees
About the RCFS
Aims and Scope
Best Practices
Editorial Team
Subscribe to RCFS
Latest and Past Issues
Awards
Rising Scholar Award
Conference Archive
News Archive
RCFS FAQ
Papers
Published
Forthcoming
RCFS Winter Conference
RAPS/RCFS Europe Conference
Registered Reports Repository
RCFS News
Contact Us
Navigation Menu
Navigation Menu
SFS
Home
About
SFS Council
By-Laws
Financial Information
SFS 35th Anniversary Video
History
News Archive
COI Statements
Membership / Login
News
Policies
Disclosure Policy for Authors
Dual Submission Policy
Conflict of Interest Policy
SFS Privacy Policy
Contact Us
Cavalcades
SFS Cavalcade Asia-Pacific
SFS Cavalcade North America
SFS Cavalcade Awards
Review of Financial Studies
RFS Home
Submissions
Submit a Paper
Guidelines for Submissions
Review Policy
Accepted Papers Checklist
Errata Policy
Comments and Retractions
Guidelines for Addenda
Appeals
RFS Dataverse
Code Sharing Policy
Conflict of Interest Policy
Dual Submission Policy
Disclosure Policy for Authors
Editors’ Joint Policy
Referee Confidentiality
Submission FAQ
Referees
Submit a Report
Advice for Referees
About the RFS
Aims and Scope
Best Practices
Editorial Team
Subscribe to RFS
Latest and Past Issues
History
Awards
Rising Scholar Award
Conference Archive
News Archive
RFS FAQ
Papers
Published Papers
Forthcoming
RFS News
Contact Us
Review of Asset Pricing Studies
RAPS Home
Submissions
Submit a Paper
Guidelines for Submissions
Review Policy
Accepted Papers Checklist
Errata Policy
Guidelines for Addenda
Dual Submission Policy
Appeals
Code Sharing Policy
Conflict of Interest Policy
Editors’ Joint Policy
Submission FAQ
Referees
Submit a Report
Advice for Referees
About the RAPS
Aims and Scope
Best Practices
Editorial Team
Subscribe to RAPS
Latest and Past Issues
History
Awards
Rising Scholar Award
Conference Archive
Papers
Published
Forthcoming
RAPS/RCFS Europe Conference
RAPS News
Contact Us
Review of Corporate Finance Studies
RCFS Home
Submissions
Submit a Paper
Guidelines for Submissions
Review Policy
Accepted Papers Checklist
Errata Policy
Guidelines for Addenda
Dual Submission Policy
Prior Review Process
Appeals
RCFS Dataverse
Code Sharing Policy
Conflict of Interest Policy
Editors’ Joint Policy
Submission FAQ
Referees
Submit a Report
Advice for Referees
About the RCFS
Aims and Scope
Best Practices
Editorial Team
Subscribe to RCFS
Latest and Past Issues
Awards
Rising Scholar Award
Conference Archive
News Archive
RCFS FAQ
Papers
Published
Forthcoming
RCFS Winter Conference
RAPS/RCFS Europe Conference
Registered Reports Repository
RCFS News
Contact Us
RFS Forthcoming Paper
July 2, 2025
July 1, 2025
RFS News
“Passive Investing and the Rise of Mega-Firms” by Hao Jiang, Dimitri Vayanos, and Lu Zheng
