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RCFS News

Paper Spotlight: Rethinking the Use of Credit Ratings in Capital Regulations: Evidence From the Insurance Industry

One major lesson from the 2008-09 financial crisis that subsequently shaped in part the regulatory framework that emerged in the last decade was that downgrades of securities occurring in an interconnected financial system create a need for capital relief for regulated entities. This happens because banks’ and insurers’ capital requirements are based on credit ratings. The question is what kind of short-term and long-term incentives arise from such relief programs.… Read More »Paper Spotlight: Rethinking the Use of Credit Ratings in Capital Regulations: Evidence From the Insurance Industry

Keynote Video

The video of Thomas Philippon’s keynote presentation at Cavalcade North America 2020 can now be viewed on the Cavalcade web site.

Camelia Kuhnen Joining the RCFS Team

We are pleased to announce that Camelia Kuhnen is joining RCFS as an editor. Camelia is a professor of finance and Sarah Graham Kenan distinguished scholar at UNC Kenan-Flagler and a faculty research associate at NBER. She is an expert in household finance, neuroeconomics, and corporate finance. She is currently an associate editor at the Journal of Finance, the Review of Financial Studies, and Management Science. Camelia previously served as president… Read More »Camelia Kuhnen Joining the RCFS Team

Code Sharing Policy

The Review of Corporate Financial Studies (RCFS) is enacting a Code Sharing Policy for papers accepted for publication, which will be effective on October 1, 2020. The policy is available here. This policy reflects the commitment of the RCFS to the highest standards of quality, as we believe that the policy will help improve the reproducibility and replicability of published research and by this will support the credibility and impact… Read More »Code Sharing Policy

Paper Spotlight: How Did COVID-19 Affect Firms’ Access to Public Capital Markets?

                Sharp recessions and prolonged market stress periods are accompanied by drying up of equity and corporate bond issues, a big challenge for firms because the need for capital is very high during such periods. Disentangling supply-driven from demand-driven reasons is very problematic. In this paper, Michael Halling, Jin Yu, and Josef Zechner use the ongoing COVID-19 pandemic, a truly exogenous demand shock,… Read More »Paper Spotlight: How Did COVID-19 Affect Firms’ Access to Public Capital Markets?

Paper Spotlight: Feverish Stock Price Reactions to COVID-19

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

Forthcoming Paper

“Feverish Stock Price Reactions to COVID-19” by Stefano Ramelli and Alexander F. Wagner

Associate Editors

We welcome the following associate editors to the RCFS team: Heitor Almeida (University of Illinois at Urbana-Champaign) Jonathan Cohn (University of Texas at Austin) Sudipto Dasgupta (Chinese University of Hong Kong) Elena Loutskina (University of Virginia) Andrey Malenko (University of Michigan) Paige Oiumet (University of North Carolina at Chapel Hill) Giorgia Piacentino (Columbia University) Adriano Rampini (Duke University) Martin Schmalz (University of Oxford).

Introducing the Prior Review Process

The Review of Corporate Finance Studies is introducing a Prior Review Process. The goal of such review process is to help the editors arrive at a quick and informed decision on a paper based on feedback received by the authors from previous submissions. A paper is eligible for this optional review process if it was previously submitted to a few select journals. Starting on June 1, 2020, when you submit… Read More »Introducing the Prior Review Process

Editor Update

RCFS extends our gratitude to retiring editor Gregor Matvos. Gregor has been an editor with RCFS since 2016. We thank him for his service.