Forthcoming Paper
“Efficient Programs to Support Businesses during Crises” by Thomas Philippon
“Efficient Programs to Support Businesses during Crises” by Thomas Philippon
In the new entry on the RCFS blog, the RCFS editorial team discusses the new special issue of RCFS on the COVID-19 pandemic crisis and corporate finance. Editors Andrew Ellul, Isil Erel, and Uday Rajan talk about why they decided to publish a special issue on COVID, and the themes they decided to tackle in the issue, including financing of firms, equity shortfall and zombie lending, and firm characteristics and… Read More »RCFS Blog Series IV: The COVID-19 Pandemic Crisis and Corporate Finance
The market reactions to the 2019 novel Coronavirus event, a truly exogenous shock, can help our understanding of how real economic shocks and financial policies drive firm value. In “Feverish Stock Price Reactions to COVID-19,” Stefano Ramelli and Alexander F. Wagner find strong causal evidence for the role of international trade and global value chains for corporate value. Initially, internationally-oriented firms, especially those more exposed to China, underperformed. As the… Read More »Paper Spotlight: Feverish Stock Price Reactions to COVID-19
The COVID-19 pandemic, with its heavy toll on human lives, unemployment, and financial distress, should be considered as an important acid test for firms’ professed investments in their responsibility toward society. It is during such times that we can better understand how to interpret the Environmental, Social, and Governance (ESG) scores, standard proxies for firms’ corporate social responsibility, and what is really driving… Read More »Paper Spotlight: Resiliency of Environmental and Social Stocks: An Analysis of the Exogenous COVID-19 Market Crash
We are pleased to announce that the Review of Corporate Finance Studies has made the decision to begin publishing four issues per year, starting in 2021. RCFS has experienced a sustained influx of high quality submissions, allowing an increase in our annual number of published papers.
“Dividends versus Stock Repurchases and Long-Run Stock Returns under Heterogeneous Beliefs” by Onur Bayar, Thomas J. Chemmanur, and Mark H. Liu
Investors increasingly rely on proxy advisors such as ISS in deciding how to vote in corporate elections. In the paper “Information Bias in the Proxy Advisory Market,” Shichao Ma and Yan Xiong construct a theoretical model to examine the biases that can arise when the proxy advisor is a profit-maximizer. An intuitive finding is that a conflicted proxy advisor provides biased recommendations. More interestingly, if shareholders have either distorted preferences… Read More »Paper Spotlight: Information Bias in the Proxy Advisory Market
“Crisis Poison Pills” by Ofer Eldar and Michael D. Wittry
RCFS has published a special issue on The COVID-19 Pandemic Crisis and Corporate Finance. This issue, 9(3) November 2020, which features 8 papers, is the first to be published by a finance journal on COVID and corporate finance. It presents important early research on the economic impact of the pandemic. The entire issue is free to read online.
The Call for Papers for Stockholm Business School’s 3rd Future of Financial Information Conference is now available. The conference, which features a dual submission option with the Review of Asset Pricing Studies and the Review of Corporate Finance Studies, will take place May 19-21, 2021, both virtually and on campus. The RAPS sponsoring editor is Thierry Foucault and the RCFS sponsoring editor is Andrew Ellul. The submission deadline is December… Read More »3rd Future of Financial Information Conference