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# Society for Financial Studies

## Sitemaps

- [XML Sitemap](https://sfs.org/sitemap.xml): Contains all public & indexable URLs for this website.

## Posts

- [News](https://sfs.org/news/)
- [RCFS Editorial Team](https://sfs.org/rcfs-editorial-team/) - We are happy to announce that Michelle Lowry will renew for a second term as an Editor, effective October 1. Heitor Almeida, Jonathan Cohn, Sudipto Dasgupta, Elena Loutskina, Paige Ouimet, Giorgia Piacentino, Adriano Rampini, and Martin Schmalz are retiring as Associate Editors. Kristle Cortes, Olivier Darmouni, Davidson Heath, Abhiroop Mukherjee, Kristoph Kleiner, Peter Iliev, and Alberto Rossi, are joining the team as Associate
- [RFS Forthcoming](https://sfs.org/rfs-forthcoming-19/) - "Pension Liquidity Risk" by Kristy A.E. Jansen, Sven Klingler, Angelo Ranaldo, and Patty Duijm
- [Invitation to Bid: SFS Cavalcade](https://sfs.org/invitation-to-bid-sfs-cavalcade-5/) - The Society for Financial Studies invites bids to host future Cavalcades. For Cavalcade North America, we are currently accepting bids for 2029 and beyond.
- [RFS Forthcoming](https://sfs.org/rfs-forthcoming-18/) - "Universal Portfolio Shrinkage" by Bryan Kelly, Semyon Malamud, Mohammad Pourmohammadi, and Fabio Trojani University of Geneva
- [RFS Forthcoming](https://sfs.org/rfs-forthcoming-17/) - "Corporate Financial Constraints, Minimum Wage Policies, and Employment" by Alona Bilokha, Iftekhar Hasan, Stefano Manfredonia, and Ronald Masulis
- [RCFS Forthcoming](https://sfs.org/rcfs-forthcoming-10/) - "Understanding Firms' AI Efforts and Their Economic Impact" by Tania Babina
- [Call for Papers: CUHK-RAPS-RCFS Conference](https://sfs.org/call-for-papers-cuhk-raps-rcfs-conference/) - The Call for Papers is now available for the 2026 CUHK-RAPS-RCFS Conference on Asset Pricing and Corporate Finance. The conference, which features optional dual submission to RAPS or RCFS, will be held December 13-15, 2026, in Hong Kong. The deadline for submission is August 15, 2026 (Hong Kong Time). For more information, visit the Call for Papers.
- [RFS Forthcoming](https://sfs.org/rfs-forthcoming-16/) - "Underrepresentation of Women CEOs" by Li He and Toni Whited
- [RFS Forthcoming](https://sfs.org/rfs-forthcoming-15/) - "What Do Impact Investors Do Differently?" by Shawn A. Cole, Leslie Jeng, Josh Lerner, Natalia Rigol, and Benjamin Roth
- [RFS Forthcoming](https://sfs.org/rfs-forthcoming-14/) - "Learning by Investing: Entrepreneurial Spillovers from Venture Capital" by Josh Lerner, Jinlin Li, and Tong Liu
- [RFS Forthcoming](https://sfs.org/rfs-forthcoming-13/) - Original Sin Redux: Role of Duration Risk" by Carol Bertaut, Valentina Bruno, andHyun Song Shin
- [RFS Forthcoming](https://sfs.org/rfs-forthcoming-12/) - "Dollar Asset Holdings and Hedging Around the Globe" by Wenxin Du and Amy Wang Huber
- [RCFS Forthcoming](https://sfs.org/rcfs-forthcoming-9/) - "Conversational Disagreement: Evidence from Reddit Threads" by Swaminathan Balasubramaniam and Jorge Sabat Andres
- [RAPS Forthcoming](https://sfs.org/raps-forthcoming-3/) - "The Sky’s the Limit: Asset price spirals when margin traders are all in" by Edward Van Wesep and Brian Waters
- [RFS Forthcoming](https://sfs.org/rfs-forthcoming-11/) - "What Hundreds of Economic News Events Say About Belief Overreaction in the Stock Market" by Francesco Bianchi, Sydney C. Ludvigson, and Sai Ma
- [RFS Forthcoming](https://sfs.org/rfs-forthcoming-10/) - "Stocks as Lotteries? An Experimental Test of Expected Utility vs Behavioral Models" by Brice Corgnet, Yao Thibaut Kpegli, and Jacopo Magnani
- [RFS Forthcoming](https://sfs.org/rfs-forthcoming-9/) - "Corporate Bond Multipliers: Substitutes Matter" by Manav Chaudhary, Julie Zhiyu Fu, and Jian Li
- [RFS Forthcoming](https://sfs.org/rfs-forthcoming-8/) - "Optimal Information and Security Design" by Nicolas A. Inostroza and Anton Tsoy
- [RFS Forthcoming](https://sfs.org/rfs-forthcoming-7/) - "Corporate Green Pledges" by Michael Dominic Bauer, Daniel Huber, Eric Offner, and Ole Wilms
- [RAPS Forthcoming](https://sfs.org/raps-forthcoming-2/) - "Measuring Interest Rate Risk Management by Financial Institutions" by Celso Brunetti, Nathan Foley-Fisher, and Stephane Verani
- [SFS Council Updates](https://sfs.org/sfs-council-updates-6/) - We extend our sincere thanks to Liyan Yang, who is retiring after two terms on the SFS Council. Carola Frydman and Alexandra Niessen-Ruenzi have renewed for second terms. We also welcome Dong Lou and Brett Green, who are joining the Council. Changes are effective July 1.
- [RFS Forthcoming](https://sfs.org/rfs-forthcoming-6/) - "Size-Based Regulation and Bank Fragility: Evidence from the Wells Fargo Asset Cap" by Tianyue Ruan and Siddharth Vij
- [RFS Editorial Team](https://sfs.org/rfs-editorial-team/) - We are pleased to share that Anna Pavlova and Clemens Sialm will both renew for second terms as Editors. Turan Bali, Janet Gao, Umit Gurun, Elisabeth Kempf, and Carolin Pflueger will renew for second terms as Associate Editors. Jason Allen, Francesco D'Acunto, Arpit Gupta, Kris Jacobs, Yiming Ma, Dmitriy Muravyev, Elena Simintzi, and Emil Verner will join the team
- [Submission Period Open for Cavalcade Asia-Pacific](https://sfs.org/submission-period-open-for-cavalcade-asia-pacific-2/) - The submission period for SFS Cavalcade Asia-Pacific 2026 is now open. To submit, please visit SFS Cavalcade A-P. The deadline for submissions is June 30, 2026. Dual Submission: The Cavalcade features optional dual submission with the Review of Asset Pricing Studies and the Review of Corporate Finance Studies. PhD Students: The Cavalcade offers submission fee waivers for papers in
- [Deadline Approaching: Cavalcade A-P](https://sfs.org/deadline-approaching-cavalcade-a-p-2/) - The deadline to submit to the SFS Cavalcade Asia-Pacific is a week away! To submit, please visit SFS Cavalcade A-P. The deadline for submissions is June 30, 2026.
- [Deadline: Cavalcade A-P](https://sfs.org/deadline-cavalcade-a-p-2/) - Today is the final day to submit a paper to SFS Cavalcade Asia-Pacific 2026. To submit, please visit SFS Cavalcade A-P.
- [Winners of the RFS Awards](https://sfs.org/winners-of-the-rfs-awards-11/) - The winners of the annual RFS Awards were announced at SFS Cavalcade North America 2026. We are pleased to share the winners: Michael J. Brennan Best Paper Award"In Safe Hands: The Financial and Real Impact of Investor Composition over the Credit Cycle"Antonio CoppolaPrize: $10,000 Michael J. Brennan Best Paper Runner Up“Gold's value as an investment”Urban J. JermannPrize: $5000 Referee
- [Winners of the RAPS Awards](https://sfs.org/winners-of-the-raps-awards-9/) - The winners of the annual RAPS Awards were announced at SFS Cavalcade North America 2026. We are pleased to share the winners: Best Paper Award“Priority Rules, Internalization, and Payment for Order Flow”Hans Degryse and Nikolaos KaragiannisPrize: $10,000 Referee of the YearAndrei GoncalvesPrize: $1000 Rising Scholar Award"Asset Pricing in the Information Age: Employee Expectations and Stock Returns" Jinfei ShengPrize:
- [Winners of the RCFS Awards](https://sfs.org/winners-of-the-rcfs-awards-11/) - The winners of the annual RCFS Awards were announced at SFS Cavalcade North America 2026. We are pleased to share the winners: Best Paper Award“Human Capital Reallocation across Firms: Evidence from Idiosyncratic Shocks"Erik P Gilje, Jérôme P Taillard, and Linghang ZengPrize: $10,000 Referee of the YearUmit GurunPrize: $1000 Best Registered Report“Generative AI’s Impact on Student Achievement and Implications for
- [SFS Cavalcade Awards](https://sfs.org/sfs-cavalcade-awards/) - Congratulations to the winners of the SFS Cavalcade North America 2026 awards. The winners were announced on Wednesday, May 20, at the conference. Best Paper in Asset Pricing, sponsored by Wharton Research Data Services: "A Bound on Price Impact and Disagreement" by Philippe van der Beck, Lorenzo Bretscher, and Julie Zhiyu FuBest Paper in Corporate
- [New RFS Issue 39(7)](https://sfs.org/new-rfs-issue-397/) - The July issue of RFS has published! The Editor’s Choice paper is: "Data-Driven Investors" by Maxime Bonelli
- [RFS Forthcoming](https://sfs.org/rfs-forthcoming-5/) - "Generative AI and Data Quality: Implications for Productivity, Labor Displacement, and Policy" by Zhifeng Cai
- [RCFS Forthcoming](https://sfs.org/rcfs-forthcoming-8/) - "Cushioning the Blow: How Firms Target Credit Ratings" by Tim Liu and Anil Shivdasani
- [SFS Cavalcade 2028 Host](https://sfs.org/sfs-cavalcade-2028-host/) - We are pleased to announce that the host for SFS Cavalcade North America 2028 will be the Carroll School of Management at Boston College.
- [RCFS Forthcoming](https://sfs.org/rcfs-forthcoming-7/) - "Cyberrisk and AI Firms" by Kumar Rishabh, Roxana Mihet, and Julian Jang-Jaccard
- [RCFS Forthcoming](https://sfs.org/rcfs-forthcoming-6/) - "Strategic Risk Modeling by Banks: Evidence from Inside the Black Box" by Mike Mariathasan, Ouarda Merrouche, and Elizaveta Sizova
- [RCFS Forthcoming](https://sfs.org/rcfs-forthcoming-5/) - "What's in a Debt? Rating Agency Methodologies and Firms' Financing and Investment Decisions" by Cesare Fracassi and Gregory Weitzner
- [RFS Forthcoming](https://sfs.org/rfs-forthcoming-4/) - "Voting Choice" by Andrey Malenko and Nadya Malenko
- [RFS Forthcoming](https://sfs.org/rfs-forthcoming-3/) - "Institutional Synergies and the Fragility of Loan Funds" by Mustafa Emin, Christopher James, Tao Li, and Jing Lu
- [RFS Forthcoming](https://sfs.org/rfs-forthcoming-2/) - "International Arbitrage Premia" by Mirela Sandulescu and Paul Schneider
- [RFS Forthcoming](https://sfs.org/rfs-forthcoming/) - "Flow" by Caitlin Dannhauser and Jeffrey Pontiff
- [RAPS Forthcoming](https://sfs.org/raps-forthcoming/) - "Preferred clearing and post-trade costs" by Behnoud Alizadeh Bazrafshan and Marius-Andrei Zoican
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-154/) - "Mutual Fund Flows at Long Horizons" by Hendrik Bessembinder, Shuaiyu Chen, Michael Cooper, Jinming Xue, and Feng Zhang
- [RFS Special Issue: New Frontiers in Household Finance](https://sfs.org/rfs-special-issue-new-frontiers-in-household-finance/) - The June issue of RFS 39(6) is a Special Issue on New Frontiers in Household Finance, edited by Francisco Gomes, Michael Haliassos, and Tarun Ramadorai. The Editor’s Choice is "Estimating Discount Functions with Consumption Choices over the Lifecycle" by David Laibson, Sean Chanwook Lee, Peter Maxted, Andrea Repetto, and Jeremy Tobacman
- [MOFIR Dual Submission Decisions](https://sfs.org/mofir-dual-submission-decisions/) - The RCFS dual submission decisions for MOFIR 2026 have been sent.
- [Advisory Editor Position Available](https://sfs.org/advisory-editor-position-available-2/) - An SFS Advisory Editor position is available for the upcoming academic year, with a flexible start date. The position is particularly well suited for finance or economics postdoctoral researchers and advanced PhD candidates. The primary responsibility is to provide editorial support in the review process. The role requires approximately 10 hours per week and a
- [New RAPS Issue 16(2)](https://sfs.org/new-raps-issue-162/) - The June issue of RAPS has published! The Editor’s Choice paper is: "Primary Capital Market Transactions and Index Funds" by Chris Murray and Marco Sammon
- [RCFS Forthcoming](https://sfs.org/rcfs-forthcoming-4/) - "Fiduciary Duty of Loyalty and Corporate Culture" by Maggie Rong Hu, Cheng Jiang, Kose John, and Ming Ju
- [RCFS Forthcoming](https://sfs.org/rcfs-forthcoming-3/) - "Consumption Smoothing via Product Markets" by Alexander W. Butler, Irem Demirci, Umit G Gurun, and Yessenia Tellez
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-153/) - "Voting on Public Goods: Citizens vs Shareholders" by Robin Döttling, Doron Yizhak Levit, Nadya Malenko, and Magdalena Anna Rola-Janicka
- [RCFS Forthcoming](https://sfs.org/rcfs-forthcoming-2/) - "Debt Maturity and Commitment to Firm Policies" by Andrea Gamba and Alessio Saretto
- [RCFS Forthcoming](https://sfs.org/rcfs-forthcoming/) - "Cushioning the Blow: How Firms Target Credit Ratings" by Tim Liu and Anil Shivdasani
- [Deadline: Call for Ideas](https://sfs.org/deadline-call-for-ideas/) - The Society for Financial Studies (SFS) seeks ideas from members as to how the Society should spend excess funds that have accumulated within the organization over time. While the total amount of funds to be made available for these purposes is uncertain at this time, we encourage all ideas. In light of the Society’s mission to “promote
- [Call for Ideas](https://sfs.org/call-for-ideas-2/) - The Society for Financial Studies (SFS) seeks ideas from members as to how the Society should spend excess funds that have accumulated within the organization over time. While the total amount of funds to be made available for these purposes is uncertain at this time, we encourage all ideas. In light of the Society’s mission to “promote
- [Call for Ideas](https://sfs.org/call-for-ideas/) - The Society for Financial Studies (SFS) seeks ideas from members as to how the Society should spend excess funds that have accumulated within the organization over time. While the total amount of funds to be made available for these purposes is uncertain at this time, we encourage all ideas. In light of the Society’s mission to “promote
- [Call for Papers: RAPS/RCFS Europe Conference in Cambridge](https://sfs.org/call-for-papers-raps-rcfs-europe-conference-in-cambridge/) - Following a successful inaugural conference in 2025, the Society for Financial Studies is hosting the RAPS/RCFS Europe Conference in Cambridge on September 22, 2026. There will be dual track sessions in Asset Pricing and Corporate Finance with a keynote by Xavier Giroud (Columbia Business School). The conference organizers are Isil Erel, Zhiguo He, and Constantine Yannelis.
- [Final Day to Submit](https://sfs.org/final-day-to-submit-7/) - Today is the final day to submit to the RAPS/RCFS Europe Conference in Cambridge. Submit here!
- [Deadline Approaching: RAPS RCFS Europe Conference](https://sfs.org/deadline-approaching-raps-rcfs-europe-conference-2/) - The deadline to submit to the RAPS/RCFS Europe Conference in Cambridge is June 1, 2026. Submit here!
- [Associate Chair for SFS Cavalcade A-P 2026](https://sfs.org/associate-chair-for-sfs-cavalcade-a-p-2026/) - The Associate Chair for SFS Cavalcade Asia-Pacific 2026 will be Jaewon Choi (Seoul National University). Professor Choi joins Chair Jun QJ Qian (Fudan University) and Vice Chair Xiaoyun Yu (Shanghai Jiao Tong University).
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-152/) - "Firm-Level Labor-Shortage Exposure" by Jarrad Harford, and Qiyang He, and Buhui Qiu
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-151/) - "Green Investing and Political Behavior" by Florian Heeb, Julian Kölbel, Stefano Ramelli, and Anna Vasileva
- [Call for Papers: Financial Decision Making Conference](https://sfs.org/call-for-papers-financial-decision-making-conference/) - The Call for Papers for the inaugural Financial Decision Making Conference is now available. The conference will be held in Bozeman, Montana, on August 6-7, 2026. There will be optional dual submission to RAPS and RCFS. The submission deadline is April 20th.
- [Annual Meeting](https://sfs.org/annual-meeting-12/) - The 2026 Society for Financial Studies Annual Meeting will take place at the 2026 SFS Cavalcade North America at the Darden Graduate School of Business Administration, University of Virginia, in May 2026.
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-150/) - "Mutual Fund Flows and the Supply of Capital in Municipal Financing" by Manuel Adelino, Ji Yeol Jimmy Oh, Jaewon Choi, and Sophia Chiyoung Cheong
- [New RFS Issue 39(5)](https://sfs.org/new-rfs-issue-395/) - The May issue of RFS has published! The Editor’s Choice paper is: “Does Finance Benefit Society? A Language Embedding Approach" by Manish Jha, Hongyi Liu, and Asaf Manela
- [New RCFS Issue 15(2)](https://sfs.org/new-rcfs-issue-152/) - The May issue of RCFS has published! The Editor’s Choice paper is: “What Is Fueling FinTech Lending? The Role of Banking Market Structure" by Tetyana Balyuk, Allen N. Berger, and John Hackney
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-149/) - "Global Capital and Local Assets: House Prices, Quantities, and Elasticities" by Caitlin Gorback and Benjamin J. Keys
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-58/) - "The Rise of Nonbanks and the Quality of Post-Origination Mortgage Servicing" by Ahmet Degerli and Jing Wang
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-148/) - "Broken Relationships: De-Risking by Correspondent Banks and International Trade" by Lea Borchert, Ralph De Haas, Karolin Kirschenmann, and Alison Schultz
- [Deadline: Conference on Technology, Financial Services, and Evolving Societal Needs](https://sfs.org/deadline-conference-on-technology-financial-services-and-evolving-societal-needs/) - The deadline to submit to the Conference on Technology, Financial Services, and Evolving Societal Needs has been extended to April 1, 2026. Please see the updated Call for Papers. The conference is organized by The University of Gothenburg, in collaboration with the WFA Center for Finance and Accounting Research, The University of North Carolina, Centre for
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-147/) - "A dynamic model of the racial wealth gap" by Sylvain Catherine, Ellen Lu, and James Douglas Paron
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-146/) - "The Cost of Regulatory Compliance in the United States" by Francesco Trebbi, Miao (Ben) Zhang, and Michael Nathan Simkovic
- [Deadline: Alpine Finance Summit 2026](https://sfs.org/deadline-alpine-finance-summit-2026/) - The deadline to submit to the Alpine Finance Summit is approaching. The conference, which features optional dual submission to RAPS, will take place August 23-25, at the Kongresshaus Garmisch-Partenkirchen, Germany. The submission deadline is March 15, 2026 (CET, midnight). Please see the Call for Papers and the conference website for more.
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-145/) - "Proud to Not Own Stocks: How Identity Shapes Financial Decisions" by Luca Henkel and Christian Pugnaghi-Zimpelmann
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-144/) - "Smokestacks and the Swamp" by Emilio Bisetti, Stefan Lewellen, Arkodipta Sarkar, and Xiao Zhao
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-143/) - "Emission caps and investment in green technologies" by Bruno Biais and Augustin Landier
- [Last Call for Registration for SFS Cavalcade](https://sfs.org/last-call-for-registration-for-sfs-cavalcade-3/) - SFS Cavalcade North America 2026 is quickly approaching! Please ensure you complete your registration by May 10. All registrations must be made in advance; there is no on-site registration.
- [Final Day for Early Registration](https://sfs.org/final-day-for-early-registration-5/) - Today is the final day for the early registration for SFS Cavalcade North America 2026. Register today to pay the discounted fee! The fee increases tomorrow, April 9.
- [Registration for SFS Cavalcade North America 2026](https://sfs.org/registration-for-sfs-cavalcade-north-america-2026/) - The program and registration for SFS Cavalcade North America 2026 are available on the conference website. The Cavalcade will take place May 18-21 at the Darden Graduate School of Business Administration, University of Virginia. Register by April 8 to pay the discounted registration fee. The registration fee is waived for PhD students.
- [New RFS Issue 39(4)](https://sfs.org/new-rfs-issue-394/) - The April issue of RFS has published! The Editor’s Choice paper is: “Nonbank Lending and Credit Cyclicality" by Quirin Fleckenstein, Manasa Gopal, Germán Gutiérrez, and Sebastian Hillenbrand
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-142/) - "The Rise of Alternatives" by Juliane Maria Begenau, Pauline Liang, and Emil Nuwan Siriwardane
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-141/) - "Machine Forecast Disagreement" by Turan G. Bali, Bryan Kelly, Mathis Moerke, and Jamil A. Rahman
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-140/) - "Who Clears the Market When Passive Investors Trade?" by Marco Sammon and John J. Shim
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-57/) - "Selectivity, Favoritism, and Performance: The Role of Investment Consultants in Private Equity" by Jose Martinez and Yiming Qiang
- [SFS Secretary/Treasurer](https://sfs.org/sfs-secretary-treasurer-2/) - The Society for Financial Studies announces the retirement of our Secretary/Treasurer, Lalitha Naveen. Lalitha has served in the role since 2021, and previously served as an Associate Editor of RFS. We are so grateful to Lalitha for her guidance, dedication, and diligence. Her last day will be February 28, 2026. We are pleased to announce
- [RCFS Winter Conference Winners](https://sfs.org/rcfs-winter-conference-winners/) - The RCFS Winter Conference concluded last weekend in Puerto Rico. This year the conference debuted two new awards. Congratulations to the inaugural winners:Best Paper Award: The Costs of Bankruptcy Misperceptions, presented by Samuel Antill (Harvard Business School), joint with Eleanor Jenke and Raymond Kluender Best Discussant Award: Felipe Severino (Dartmouth College)
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-139/) - "The Response of Mortgage Supply to Expected Flood Insurance Lapses" by Zhongchen Hu
- [RAPS Forthcoming Paper](https://sfs.org/raps-forthcoming-paper-27/) - "Cross-Fund Subsidization and Flow-Performance Relation" by Jingrui Xu
- [Corporate Governance Academic Forum](https://sfs.org/corporate-governance-academic-forum/) - The Call for Papers for the Corporate Governance Academic Forum at the University of Toronto is available. The conference will take place October 1-2, 2026, in Toronto. The submission deadline is May 10, 2026. [This conference is unaffiliated with SFS. Unaffiliated conferences are posted as a professional courtesy. To include a conference, contact manager@sfs.org.]
- [Call for Papers: Conference on Technology, Financial Services, and Evolving Societal Needs](https://sfs.org/call-for-papers-conference-on-technology-financial-services-and-evolving-societal-needs/) - The Call for Papers for the Conference on Technology, Financial Services, and Evolving Societal Needs is now available. The conference is organized by The University of Gothenburg, in collaboration with the WFA Center for Finance and Accounting Research, The University of North Carolina, Centre for Economic Policy Research, and The Review of Corporate Finance Studies. The conference,
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-138/) - "Voting and Trading on Public Information" by Markus Parlasca and Paul Voss
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-137/) - "Remeasuring scale in active management" by Shiyang Huang, Xu Lu, Yang Song, and Hong Xiang
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-136/) - "Thematic Concentration and Mutual Fund Performance " by John (Jianqiu) Bai, Yuehua Tang, Chi Wan, and Zafer Yuksel
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-135/) - "The Real Effect of Sociopolitical Racial/Ethnic Animus: Mutual Fund Manager Performance During AAPI Hate" by Vikas Agarwal, Wei Jiang, Yuchen Luo, and Hong Zou
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-134/) - "The True Colors of Money: Racial Representation and Asset Management" by Lina Han, Xing Huang, Ohad Kadan, and Jimmy Wu
- [Bid to Host a Future Cavalcade](https://sfs.org/bid-to-host-a-future-cavalcade/) - The Society for Financial Studies invites bids to host future Cavalcades. We are currently accepting bids for SFS Cavalcade North America 2028 and beyond, and SFS Cavalcade Asia-Pacific 2027 and beyond.
- [SFS Cavalcade A-P 2026 Host](https://sfs.org/sfs-cavalcade-a-p-2026-host/) - We are pleased to announce that the host for SFS Cavalcade Asia–Pacific 2026 will be the City University of Hong Kong. The submission portal will open in June.
- [RFS Editor Update](https://sfs.org/rfs-editor-update-2/) - We are grateful to Gregor Matvos, who retired as an Editor on February 1, 2026. Gregor has been an RFS Editor since 2020 and previously served as an Editor of RCFS. We thank him for his service to our journals.
- [RAPS/RCFS Best Paper Award Winner ](https://sfs.org/raps-rcfs-best-paper-award-winner/) - The winner of the RAPS/RCFS 2026 Jackson Hole Finance Group Conference Best Paper Award is "A Trilemma for Asset Demand Estimation" by William Fuchs, Satoshi Fukuda, and Daniel Neuhann. Congratulations! The $1000 prize is sponsored by the SFS.
- [New RAPS Issue 16(1)](https://sfs.org/new-raps-issue-161/) - The March issue of RAPS has published! The Editor’s Choice paper is: “Cross-Sectional Identification of Private Information" by Dion Bongaerts, Dominik Rösch, and Mathijs van Dijk
- [New RFS Issue 39(3)](https://sfs.org/new-rfs-issue-393/) - The March issue of RFS has published! The Editor’s Choice paper is: “Institutional Corporate Bond Pricing" by Lorenzo Bretscher, Lukas Schmid, Ishita Sen, and Varun Sharma
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-56/) - "The Contrarian Bias of Incentivizing Learning" by Spyros Terovitis
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-133/) - "The covenant-defeasance option in corporate bonds" by Carsten Bienz, Zsuzsanna Fluck, and Karin S. Thorburn
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-132/) - "What Drives Variation in Investor Portfolios? Estimating the Roles of Beliefs and Risk Preferences" by Mark Egan, Alexander MacKay, and Hanbin Yang
- [RAPS Forthcoming Paper](https://sfs.org/raps-forthcoming-paper-26/) - "Prime Time for Prime Funds: Floating NAV, Intraday Redemptions and Liquidity Risk During Crises" by Lorenzo Casavecchia, Chanyuan Ge, C. Wei Li, and Ashish Tiwari
- [Call for Papers: Alpine Finance Summit 2026 ](https://sfs.org/call-for-papers-alpine-finance-summit-2026/) - The Call for Papers for the Alpine Finance Summit is now available. The conference, which features optional dual submission to RAPS, will take place August 23-25, at the Kongresshaus Garmisch-Partenkirchen, Germany. The submission deadline is March 15, 2026 (CET, midnight). Please see the conference website for more.
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-55/) - "Unintended Consequences of Macroprudential Regulation" by Mauricio Larrain, Patricio Valenzuela, and Erik Berwart
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-131/) - "Debt Maturity Management" by Yunzhi Hu, Felipe Varas, and Chao Ying
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-54/) - "Technology Adoption and Career Concerns: Evidence from the Adoption of Digital Technology in Motion Pictures" by Grant Goehring, Filippo Mezzanotti, and Abraham Ravid
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-130/) - "Sovereign default and the decline in interest rates" by Max Miller, James Douglas Paron, and Jessica Wachter
- [New Editor Appointment](https://sfs.org/new-editor-appointment-12/) - RFS is pleased to announce the appointment of David Sraer as an Editor beginning March 1, 2026. David is the James J. and Marianne B. Lowrey Chair in Business at the Haas School of Business and a professor in the Department of Economics at UC Berkeley. Please join us in welcoming David.
- [RAPS Forthcoming Paper](https://sfs.org/raps-forthcoming-paper-25/) - "Covenant Prices of US Corporate Bonds" by Lukas Handler, Rainer Jankowitsch, and Patrick Weiss
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-129/) - “The Effect of Primary Dealer Constraints on Intermediation in the Treasury Market" by Falk Braeuning and Hillary Stein
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-128/) - "Can Discount Window Stigma be Cured? An Experimental Investigation" by Olivier Armantier and Charles A. Holt
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-127/) - "The Product Market Effects of Index Inclusion" by Varun Sharma
- [Photos and News from SFS Cavalcade A-P 2025](https://sfs.org/photos-and-news-from-sfs-cavalcade-a-p-2025/) - SFS Cavalcade Asia-Pacific 2025 concluded successfully in Beijing. Hosted by Tsinghua University PBC School of Finance, the conference convened leading scholars...[continue reading and see the pictures here].
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-53/) - "Tax Breaks for Swing States? Political Bargaining, Targeted Policies, and Firm Outcomes" by Sahil Raina and Sheng-Jun Xu
- [SFS Vice President](https://sfs.org/sfs-vice-president-2/) - The SFS announces Alon Brav as Vice President, effective January 1, 2026. Alon is the Bratton Family Distinguished Professor at Duke University's The Fuqua School of Business. He previously served on the SFS Council from 2018 – 2024. Please join us in welcoming Alon.
- [New RFS Issue 39(2)](https://sfs.org/new-rfs-issue-392/) - The February issue of RFS has published! The Editor’s Choice paper is: “Understanding Rationality and Disagreement in House Price Expectations" by Zigang Li, Stijn Van Nieuwerburgh, and Wang Renxuan
- [New RCFS Issue 15(1)](https://sfs.org/new-rcfs-issue-151/) - The February issue of RCFS has published! The Editor’s Choice paper is: “The Effects of House Prices and Home Equity Extraction on Career Outcomes" by Jacelly Cespedes, Zack Liu, and Carlos Parra
- [Call for Papers: IRMC 2026 ](https://sfs.org/call-for-papers-irmc-2026/) - The Call for Papers for the 19th Edition of the Annual Meeting of The Risk, Banking and Finance Society is now available. The conference, which features optional dual submission to RAPS, will take place June 22-23, 2026, at the University of Warsaw. The submission deadline is March 31, 2026.
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-52/) - "Subsidiary Financing: Risk-Shifting as a Commitment Device" by Gyoengyi Loranth, Alan D. Morrison, and Jing Zeng
- [AI in Finance Conference](https://sfs.org/ai-in-finance-conference-2/) - AI in Finance Conference: Artificial Intelligence and Finance: Opportunities and Risks Smith School of Business, University of Maryland June 8, 2026 Call for Papers Submission Deadline: February 1, 2026 [This conference is unaffiliated with SFS. Unaffiliated conferences are posted as a professional courtesy. To include a conference, contact manager@sfs.org.]
- [SFS President Update](https://sfs.org/sfs-president-update/) - The SFS is grateful to Jan Eberly, who is retiring from her role as SFS President, effective December 16, 2025. We wish Jan success as she starts her new role as President-elect of the American Economic Association. We are pleased that current SFS Vice President Phil Strahan will transition to the President role. Phil previously served as
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-126/) - "Excess Commitment in R&D" by Marius Guenzel and Tong Liu
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-125/) - "Government Intervention in the Financial Market" by Jiang Wang
- [SFS Cavalcade A-P 2025 Awards](https://sfs.org/sfs-cavalcade-a-p-2025-awards/) - Congratulations to the winners of the SFS Cavalcade Asia-Pacific 2025 awards: Arthur Warga Award for Best Paper in Fixed Income: “Anatomy of the Treasury Market: Who Moves Yields?” by Manav Chaudhary, Zhiyu Fu, and Haonan Zhou Best Paper in Asset Pricing: “Rethinking Exchange Rate Exposure in Equity Markets Through International Trade Networks” by Seo Ha Kim
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-124/) - "Dynamics of Asset Demands with Confidence Heterogeneity" by Adrian Buss, Raman Uppal, and Grigory Vilkov
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-51/) - "Medical Boards and CEOs" by Dunhong Jin, Fangzhou Lu, Sixuan Li, and Chao Yan
- [Editor Renewal](https://sfs.org/editor-renewal-4/) - RAPS is pleased that Norman Schürhoff will continue for a second term as an editor. We thank Norman for his continued service.
- [New RFS Issue 39(1)](https://sfs.org/new-rfs-issue-391/) - The January issue of RFS has published! The Editor’s Choice paper is: “Willingness to Pay for Carbon Mitigation: Field Evidence from the Market for Carbon Offsets" by Matthias Rodemeier
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-123/) - "Machine Learning and the Implementable Efficient Frontier" by Theis Ingerslev Jensen, Bryan Kelly, Semyon Malamud, and Lasse Heje Pedersen
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-122/) - "Algorithmic Pricing and Liquidity in Securities Markets" by Jean-Edouard Colliard, Thierry Foucault, and Stefano Lovo
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-121/) - "Risk Managers in Banks" by Matthias Efing, Patrick Kampkötter, and Vincent Maurin
- [Call for Papers: Hopkins–Georgetown Geoeconomics Conference](https://sfs.org/call-for-papers-hopkins-georgetown-geoeconomics-conference/) - The Call for Papers is available for the Hopkins–Georgetown Geoeconomics Conference. The conference will take place April 17–18, 2026, at the Hopkins Bloomberg Center, Washington, DC. The submission deadline is January 5, 2026. [This conference is unaffiliated with SFS. Unaffiliated conferences are posted as a professional courtesy. To include a conference, contact manager@sfs.org.]
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-120/) - "Beliefs and Portfolios: Causal Evidence" by Johannes Beutel and Michael Weber
- [New RFS Issue 38(12)](https://sfs.org/new-rfs-issue-3812/) - The December issue of RFS has published! The Editor’s Choice paper is: "Passive Investing and the Rise of Mega-Firms" by Hao Jiang, Dimitri Vayanos, and Lu Zheng
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-119/) - "Bond Convenience Yields in the Eurozone Currency Union" by Zhengyang Jiang, Hanno N. Lustig, Stijn Van Nieuwerburgh, and Mindy Xiaolan
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-50/) - "Greening thy Neighbor: How the US Inflation Reduction Act Drives Climate Finance Globally" by Daniel Marcel te Kaat, Alexander Raabe, and Yuanjie Tian
- [New RAPS Issue 15(3-4)](https://sfs.org/new-raps-issue-153-4/) - The September-December issue of RAPS has published! The Editor’s Choice paper is: "Priority Rules, Internalization, and Payment for Order Flow" by Hans Degryse and Nikolaos Karagiannis
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-49/) - "The Anchoring CEO: Cross-Domain Behavioral Consistency in Financial Decision-Making" by Chen Lin, Tse-Chun Lin, and Fengfei Li
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-48/) - "Stress Test and Credible Information Disclosure" by Arpit Kumar Parija
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-47/) - "AI and Operational Losses: Evidence from U.S. Bank Holding Companies" by Ping McLemore and Atanas Mihov
- [Inaugural RAPS/RCFS Europe Conference](https://sfs.org/inaugural-raps-rcfs-europe-conference/) - The Society for Financial Studies is hosting the inaugural RAPS/RCFS Europe Conference in Cambridge on September 16, 2025. We will host dual track sessions in Asset Pricing and Corporate Finance with a keynote by Zhiguo He. The conference organizers are Isil Erel, Zhiguo He, and Constantine Yannelis. The conference will feature optional dual submission to
- [Conference Announcement](https://sfs.org/conference-announcement-2/) - UBC 2024 Winter Finance Conference Submission Deadline: November 20, 2023 Fairmont Chateau Whistler ResortWhistler, British Columbia, Canada March 1 - 3, 2024 [This conference is unaffiliated with SFS. Unaffiliated conferences are posted as a professional courtesy. To include a conference, contact manager@sfs.org.]
- [CUHK-RAPS Conference on Asset Pricing and Investment](https://sfs.org/cuhk-raps-conference-on-asset-pricing-and-investment-2/) - The program for the CUHK-RAPS Conference on Asset Pricing and Investment is now available! The conference will be held December 7-8, 2023, at the The Chinese University of Hong Kong. View the program here.
- [Call for Papers: 13th MoFiR Workshop on Banking](https://sfs.org/call-for-papers-13th-mofir-workshop-on-banking/) - The Call for Papers for the 13th MoFiR Workshop on Banking is now available. The conference, which features optional dual submission to RCFS, will take place June 27-28, 2024, in London. The submission deadline is January 15, 2024 6pm (GMT).
- [Call for Papers: Jackson Hole Conference](https://sfs.org/call-for-papers-jackson-hole-conference/) - The Call for Papers for the Jackson Hole Finance Group Conference is now available. The conference, which features optional dual submission to RCFS or RAPS, will take place January 13-15, 2024, in Jackson Hole, Wyoming. The submission deadline is September 11, 2023, midnight ET.
- [Call for Papers and Proposals: RCFS Winter Conference 2024](https://sfs.org/call-for-papers-and-proposals-rcfs-winter-conference-2024/) - The 2024 RCFS Winter Conference is now accepting submissions. Please see the Call for Papers and the Call for Proposals on “Politics and Corporate Power” for more details. The conference, which features a dual submission option with RCFS, will take place February 17-18, 2024, at the Royal Sonesta in San Juan, Puerto Rico. The sponsoring editors are Andrew
- [CUHK-RAPS Conference on Asset Pricing and Investment](https://sfs.org/cuhk-raps-conference-on-asset-pricing-and-investment/) - The CUHK-RAPS Conference on Asset Pricing and Investment is now accepting submissions. Please see the Call for Papers. The conference, which features a dual submission option with RAPS, will be held December 7-8, 2023, at the CUHK Business School in Hong Kong. The RAPS sponsoring editor is Zhiguo He. The submission deadline is August 13, 2023.
- [Happening Now: SFS Cavalcade North America](https://sfs.org/happening-now-sfs-cavalcade-north-america-2/) - SFS Cavalcade North America is this week at the University of Texas at Austin from May 22- 25. View our program. Keynote Speakers: RAPS & RCFS Keynote, Tuesday May 23 3:30pm Deborah Lucas (MIT Sloan) Cavalcade Keynote, Wednesday May 24 12pm Victoria Ivashina (Harvard Business School)
- [Final Day to Register for the Cavalcade](https://sfs.org/final-day-to-register-for-the-cavalcade-2/) - Today is the final day to register for SFS Cavalcade North America 2023 at the University of Texas at Austin! Please make sure you complete your registration today. The conference begins Monday May 22.
- [RAPS & RCFS Keynote Speaker](https://sfs.org/raps-rcfs-keynote-speaker/) - We are pleased to announce that Deborah Lucas (MIT Sloan) will be the RAPS & RCFS Keynote Speaker at SFS Cavalcade North America 2023 on Tuesday, May 23, at 3:30pm. For more details, please see the program on the Cavalcade web site.
- [Upcoming SFS Cavalcade Hosts](https://sfs.org/upcoming-sfs-cavalcade-hosts/) - We are pleased to announce the hosts for the upcoming SFS Cavalcade North America conferences! 2024: Georgia State University 2025: Stevens Institute of Technology Details will be posted to the Cavalcade website as soon as they are available.
- [Program and Registration: SFS Cavalcade North America 2023](https://sfs.org/program-and-registration-sfs-cavalcade-north-america-2023/) - The program and registration for SFS Cavalcade North America 2023 are now available on the conference website. The Cavalcade will take place May 22-25 at the University of Texas at Austin. Register by April 7 to pay the discounted registration fee. The registration fee is waived for PhD students.
- [Decisions for SFS Cavalcade North America 2023](https://sfs.org/decisions-for-sfs-cavalcade-north-america-2023/) - The decisions for SFS Cavalcade North America 2023 have been sent. If you did not receive your decision, please contact us. We received 1518 submissions. The final program was highly selective, with an 8.9% acceptance rate. If you selected dual submission with RAPS or RCFS, you will receive a separate decision email from the journal in the next
- [Call for Papers: OFR Rising Scholars Conference on Future of Financial Stability](https://sfs.org/call-for-papers-ofr-rising-scholars-conference-on-future-of-financial-stability/) - The Call for Papers for the OFR Rising Scholars Conference on Future of Financial Stability is now available. The conference, which features optional dual submission to RCFS, will take place May 3, 2024, in Washington, DC. The submission deadline is January 12, 2024.
- [Call for Papers: CSEF- RCFS Conference on Finance, Labor, and Inequality](https://sfs.org/call-for-papers-csef-rcfs-conference-on-finance-labor-and-inequality-3/) - The Call for Papers for the CSEF-RCFS Conference on Finance, Labor, and Inequality is now available. The conference, which features optional dual submission to RCFS, will take place June 21-22, 2024, in Capri. The submission deadline is March 18, 2024.
- [Call for Papers:  2nd Annual Conference on Market-Based Solutions for Reducing Wealth Inequality](https://sfs.org/call-for-papers-2nd-annual-conference-on-market-based-solutions-for-reducing-wealth-inequality/) - The Call for Papers for the 2nd Annual Conference on Market-Based Solutions for Reducing Wealth Inequality is now available. The conference, which features optional dual submission to RCFS, will take place April 25-26, 2024, in Chapel Hill, North Carolina. The submission deadline is January 19, 2024.
- [IRMC 2024 Conference](https://sfs.org/irmc-2024-conference/) - The Call for Papers for the IRMC 2024 Conference is now available. The conference, which features optional dual submission to RAPS, will take place June 24-25, 2024, in Milan. The submission deadline is April 12, 2024.
- [SFS Cavalcade Asia-Pacific 2024 – Call for Papers](https://sfs.org/sfs-cavalcade-asia-pacific-2024-call-for-papers/) - Conference dates 13 December 2024 - 15 December 2024 Location Hosted by the Department of FinTech, SKK Business School at Sungkyunkwan University (SKKU) in Seoul, Korea. Description The Society for Financial Studies invites submissions to the SFS Cavalcade Asia-Pacific 2024. The Cavalcade Asia-Pacific is a joint project of the Review of Financial Studies, the Review
- [Call for Papers: The CUHK-RAPS-RCFS Conference on Asset Pricing and Corporate Finance](https://sfs.org/call-for-papers-the-cuhk-raps-rcfs-conference-on-asset-pricing-and-corporate-finance/) - Hong Kong, December 9-11, 2024 The Chinese University of Hong Kong Business School (CUHK Business School), the Review of Asset Pricing Studies (RAPS), and the Review of Corporate Finance Studies (RCFS) invite paper submissions for a conference to be held at CUHK Business School in Hong Kong during December 9-11, 2024. The first one and a half days will
- [Call for Papers and Registered Reports: RCFS Winter Conference 2025](https://sfs.org/call-for-papers-and-registered-reports-rcfs-winter-conference-2025/) - The 2025 RCFS Winter Conference is now accepting submissions. Please see the Call for Papers and the Call for Registered Reports on “Understanding Firms, Households and Financing in the Age of AI” for more details. The conference, which features a dual submission option with RCFS, will take place February 15-16, 2025, at the Royal Sonesta in San Juan,
- [Call for Papers: 18th Annual Corporate Governance Academic Conference](https://sfs.org/call-for-papers-18th-annual-corporate-governance-academic-conference/) - The Call for Papers for the 18th Annual Corporate Governance Academic Conference at Drexel University is now available. The conference, which features optional dual submission to RCFS, will take place April 11, 2025, at Drexel University in Philadelphia. The submission deadline is December 30, 2024. The RCFS sponsoring editor is Michelle Lowry.
- [CUHK-RAPS-RCFS Conference on Asset Pricing and Corporate Finance](https://sfs.org/cuhk-raps-rcfs-conference-on-asset-pricing-and-corporate-finance/) - Registration is now available for the CUHK-RAPS-RCFS Conference on Asset Pricing and Corporate Finance. The conference will take place December 9-11, 2024, at The Chinese University of Hong Kong. The registration deadline is November 23, 2024 (HK time). Register here.
- [Call for Papers: 14th MoFiR Workshop on Banking](https://sfs.org/call-for-papers-14th-mofir-workshop-on-banking/) - The Call for Papers for the 14th MoFiR Workshop on Banking is now available. The conference, which features optional dual submission to RCFS, will take place June 2-3, 2025, in Singapore. The submission deadline is January 6, 2025, 6pm (GMT).
- [Call for Papers: 4th Holden Conference in Finance and Real Estate](https://sfs.org/call-for-papers-4th-holden-conference-in-finance-and-real-estate/) - The Call for Papers is now available for the 4th Holden Conference in Finance and Real Estate. The conference, which features optional dual submission to RCFS, will be held September 25-27, 2025, in Bloomington, Indiana. The deadline for submission is April 15, 2025. For more information, visit https://holdenconference.org.
- [Call for Papers: CUHK-RAPS-RCFS Conference on Asset Pricing and Corporate Finance](https://sfs.org/call-for-papers-cuhk-raps-rcfs-conference-on-asset-pricing-and-corporate-finance/) - The Call for Papers is now available for the 2025 CUHK-RAPS-RCFS Conference on Asset Pricing and Corporate Finance. The conference, which features optional dual submission to RAPS or RCFS, will be held December 8-10, 2025, in Hong Kong. The deadline for submission is August 31, 2025 (Hong Kong Time). For more information, visit the Call for Papers.
- [Call for Papers: 2026 WEFIDEV RFS-CEPR Conference](https://sfs.org/call-for-papers-2026-wefidev-rfs-cepr-conference/) - The Call for Papers for the 2026 WEFIDEV RFS-CEPR Conference is now available. The conference, which features optional dual submission to RFS, will take place April 18-19, 2026, at the Kellogg School of Management at Northwestern University. The submission deadline is November 16, 2025. The RFS sponsoring editors are Viral Acharya and Tarun Ramadorai.
- [Call for Papers: The Geoeconomics of Financial Markets](https://sfs.org/call-for-papers-the-geoeconomics-of-financial-markets/) - The Call for Papers for The Geoeconomics of Financial Markets Conference is now available. The conference, which features optional dual submission to RFS, will take place May 15, 2026, at Stanford. The submission deadline is December 1, 2025. The RFS sponsoring editors are Anna Pavlova and Tarun Ramadorai.
- [Submission Period Open for Cavalcade North America](https://sfs.org/submission-period-open-for-cavalcade-north-america-5/) - The submission period for SFS Cavalcade North America is now open. To submit, please visit SFS Cavalcade North America. The deadline for submissions is December 11, 2025. Dual Submission: The Cavalcade features optional dual submission with the Review of Asset Pricing Studies and the Review of Corporate Finance Studies. PhD Students: The Cavalcade offers submission fee waivers for papers
- [Call for Papers: 15th MoFiR Workshop on Banking](https://sfs.org/call-for-papers-15th-mofir-workshop-on-banking/) - The Call for Papers for the 15th MoFiR Workshop on Banking is now available. The conference, which features optional dual submission to RCFS, will take place July 7-8, 2026, in Varese, Italy. The submission deadline is 6pm (GMT) January 12, 2026.
- [SFS Cavalcade North America 2026](https://sfs.org/sfs-cavalcade-north-america-2026/) - Darden Graduate School of Business Administration, University of Virginia May 18-21, 2026 Submission deadline: December 11, 2025 Cavalcade website
- [Deadline Approaching: Energy Finance and Climate Transition Risk Conference](https://sfs.org/deadline-approaching-energy-finance-and-climate-transition-risk-conference/) - The submission deadline for the UNC-RFS Energy Finance and Climate Transition Risk Conference is November 18. The conference, which features optional dual submission to RFS, will take place April 9–10, 2026, at the University of North Carolina. The RFS sponsoring editors are Anna Pavlova and Xavier Giroud. Please see the Call for Papers.
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-118/) - "How Financial Markets Create Superstars" by Spyros Terovitis and Vladimir Vladimirov
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-117/) - "Generative AI and Asset Management" by Jinfei Sheng, Zheng Sun, Baozhong Yang, and Alan L. Zhang
- [Call for Papers: 19th Annual Corporate Governance Academic Conference at Drexel University](https://sfs.org/call-for-papers-19th-annual-corporate-governance-academic-conference-at-drexel-university/) - The Call for Papers for the 19th Annual Corporate Governance Academic Conference at Drexel University is now available. The conference, which features optional dual submission to RCFS, will take place April 17, 2026, at Drexel University. The submission deadline is December 22, 2025.
- [Cavalcade Review Deadline](https://sfs.org/cavalcade-review-deadline-2/) - Program Committee members for SFS Cavalcade North America 2026, please take note – reviews are due tomorrow, January 22.
- [Deadline Today: SFS Cavalcade North America](https://sfs.org/deadline-today-sfs-cavalcade-north-america/) - Today is the deadline to submit to SFS Cavalcade North America. To submit, please visit SFS Cavalcade North America. The system will close at 11:59pm ET; make sure to begin your submission with time to complete it before the deadline.
- [Deadline Approaching: SFS Cavalcade North America](https://sfs.org/deadline-approaching-sfs-cavalcade-north-america-3/) - The deadline to submit to SFS Cavalcade North America is approaching! To submit, please visit SFS Cavalcade North America. The deadline for submissions is December 11, 2025. Dual Submission: The Cavalcade features optional dual submission with the Review of Asset Pricing Studies and the Review of Corporate Finance Studies. PhD Students: The Cavalcade offers submission fee waivers for papers in
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-116/) - "Climate Risk Disclosure and Risk Sharing in Financial Markets" by Kevin Colby Smith
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-115/) - "Borrowing from a Bigtech Platform" by Jian Li and Stefano Pegoraro
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-114/) - "Collective moral hazard, risk-sharing, and banking unions" by Anatoli Segura and Sergio Vicente
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-113/) - "Global Capital and Local Assets: House Prices, Quantities, and Elasticities" by Caitlin Gorback and Benjamin J. Keys
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-46/) - "Ownership Networks and Bid Rigging" by Kentaro Asai and Ben Gossin Charoenwong
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-45/) - "Bias-Corrected Nonlinear Investment-q Relation in the Cross Section of Firms" by Suyong Song and Hyunbok Wee
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-44/) - "The Side Effects of Shadow Banking on Banks' Liquidity Provision" by Teodora Paligorova and Joao Santos
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-112/) - "Too Many Managers: The Strategic Use of Titles to Avoid Overtime Payments" by Lauren Cohen, Umit G Gurun, and N. Bugra Ozel
- [Registration for SFS Cavalcade Asia-Pacific 2025](https://sfs.org/registration-for-sfs-cavalcade-asia-pacific-2025/) - The program and registration for SFS Cavalcade Asia-Pacific 2025 are now available on the conference website. The Cavalcade will take place December 5-7 at the Tsinghua PBC School of Finance. Register by November 1 to pay the discounted registration fee. The registration fee is waived for PhD students.
- [Last Call for Registration for SFS Cavalcade](https://sfs.org/last-call-for-registration-for-sfs-cavalcade-2/) - SFS Cavalcade Asia-Pacific 2025 is quickly approaching! Please ensure you complete your registration by December 1. On-site registration is not available.
- [Final Day for Early Registration](https://sfs.org/final-day-for-early-registration-4/) - Today is the final day for the early registration for SFS Cavalcade Asia-Pacific 2025. Register today to pay the discounted fee! The fee increases tomorrow, November 2.
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-43/) - "Where Do Banks End and NBFIs Begin?" by Viral Acharya, Nicola Cetorelli, and Bruce Tuckman
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-111/) - "ESG Shocks in Global Supply Chains" by Emilio Bisetti, Guoman She, and Alminas Zaldokas
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-110/) - "The impact of carcinogenic risk exposure on housing values: Estimates from chemical reclassifications" by Jules H. Van Binsbergen, Joao Cocco, Marco Grotteria, and S. Lakshmi Naaraayanan
- [Updated Code and Data Sharing Policy for RFS](https://sfs.org/updated-code-and-data-sharing-policy-for-rfs/) - The Review of Financial Studies has updated its Code and Data Sharing Policy, applicable to all submissions conditionally accepted on or after October 1, 2025. RFS is committed to transparency and the independent replication of published findings, thereby enhancing the visibility and impact of authors’ work. The policy is available here.
- [RAPS Forthcoming Paper](https://sfs.org/raps-forthcoming-paper-24/) - "The Core, the Periphery, and the Disaster: Corporate-Sovereign Nexus in COVID-19 Times" by Ruggero Jappelli, Loriana Pelizzon, and Alberto Plazzi
- [RAPS Forthcoming Paper](https://sfs.org/raps-forthcoming-paper-23/) - "Macro Financial Trends and Market Expected Returns" by Yufeng Han, Yueliang Lu, and Guofu Zhou
- [New RFS Issue 38(11)](https://sfs.org/new-rfs-issue-3811/) - The November issue of RFS has published! The Editor’s Choice paper is: “Finance, Advertising, and Race" by Claire Célérier and Purnoor Tak
- [RCFS Special Issue: Politics and Corporate Power](https://sfs.org/rcfs-special-issue-politics-and-corporate-power/) - The November issue of RCFS 14(4) is a Special Issue on Politics and Corporate Power, edited by Andrew Ellul, Isil Erel, Michelle Lowry, and Robert Marquez. The Editor’s Choice is “Corporate Hiring under Uncertainty" by Duc Duy Nguyen and Vathunyoo Sila
- [RAPS Forthcoming Paper](https://sfs.org/raps-forthcoming-paper-22/) - "Informed Trading and the Dynamics of Client-Dealer Connections in Corporate Bond Markets" by Robert Czech and Gabor Pinter
- [Call for Papers: Energy Finance and Climate Transition Risk Conference](https://sfs.org/call-for-papers-energy-finance-and-climate-transition-risk-conference/) - The Call for Papers for the UNC-RFS Energy Finance and Climate Transition Risk Conference is now available. The conference, which features optional dual submission to RFS, will take place April 9–10, 2026, at the University of North Carolina. The submission deadline is November 18, 2025. The RFS sponsoring editors are Anna Pavlova and Xavier Giroud.
- [RFS Editor at AFA Conference](https://sfs.org/rfs-editor-at-afa-conference/) - RFS Executive Editor Tarun Ramadorai will be a panelist at the 2026 AFA Conference in Philadelphia, PA. AFA Panel on Publishing in Top Finance JournalsFollowed by a Discussion with EditorsJanuary 1, 2026Chair: John Graham, Duke University Panelists: Tarun Ramadorai, Imperial College London; Nikolai Roussanov, University of Pennsylvania; Antoinette Schoar, MIT
- [Call for Papers and Registered Reports: RCFS Winter Conference](https://sfs.org/call-for-papers-and-registered-reports-rcfs-winter-conference-2026/) - The RCFS Winter Conference 2026 is now accepting submissions. Please see the Call for Papers and the Call for Registered Reports on “Global and Emerging Markets in Finance” for more details. The conference, which features a dual submission option with RCFS, will take place February 13-15, 2026, at the Royal Sonesta in San Juan, Puerto Rico. The sponsoring editors are Isil Erel,
- [RCFS Winter Conference 2026](https://sfs.org/rcfs-winter-conference-2026/) - February 13-15, 2026 (Presidents’ Day weekend)Royal Sonesta, San Juan, Puerto Rico Regular papers: November 18, 2025 (11:59:59pm PDT) Call for Papers Registered Reports on “Global and Emerging Markets in Finance”: December 1, 2025 (11:59:59pm PDT) Call for Registered Reports
- [Deadline: RAPS Special Issue on AI/ML on Asset Pricing ](https://sfs.org/deadline-raps-special-issue-on-ai-ml-on-asset-pricing/) - The deadline to submit papers to the RAPS special issue on AI/ML on Asset Pricing is November 18, 2025. Please see the Call for Papers for full details.
- [Call for Papers: RAPS Special Issue on AI/ML on Asset Pricing ](https://sfs.org/call-for-papers-raps-special-issue-on-ai-ml-on-asset-pricing-4/) - The Review of Asset Pricing Studies is launching a Special Issue on AI/ML on Asset Pricing, guest edited by Zhiguo He (Stanford GSB, Executive Editor of RAPS), Bryan Kelly (Yale SOM, Guest RAPS Editor), and Markus Pelger (Stanford MS&E, Guest RAPS Editor). We welcome papers on all aspects of AI/ML applications in asset pricing. Deadline to submit
- [Deadline: RCFS Winter Conference](https://sfs.org/deadline-rcfs-winter-conference/) - The deadline to submit Registered Reports on “Global and Emerging Markets in Finance” to the RCFS Winter Conference 2026 is today, December 1, 2025. Please make sure to start your submission with enough time to complete it before the deadline. Submit here.
- [Deadline: RCFS Winter Conference ](https://sfs.org/deadline-2026-rcfs-winter-conference/) - The deadline to submit papers to the RCFS Winter Conference 2026 is today, November 18, 2025. Please make sure to start your submission with enough time to complete it before the deadline. Submit here. The deadline for Registered Reports is December 1.
- [Deadline Approaching: RCFS Winter Conference](https://sfs.org/deadline-approaching-rcfs-winter-conference-10/) - The deadline to submit Registered Reports on “Global and Emerging Markets in Finance” to the RCFS Winter Conference 2026 is only a week away! The deadline is December 1, 2025. Submit here.
- [Deadline Approaching: RCFS Winter Conference](https://sfs.org/deadline-approaching-rcfs-winter-conference-9/) - The deadline to submit papers to the RCFS Winter Conference 2026 is only a week away! The deadline is November 18, 2025. Submit here. The deadline for Registered Reports is December 1.
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-109/) - "Financial Restructuring and Resolution of Banks" by Jean-Edouard Colliard and Denis Gromb
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-108/) - "Price Discovery on Decentralized Exchanges" by Agostino Capponi, Ruizhe Jia, and Shihao Yu
- [Decisions for SFS Cavalcade A-P](https://sfs.org/decisions-for-sfs-cavalcade-a-p/) - The decisions for SFS Cavalcade Asia-Pacific 2025 have been sent. We received 427 submissions. The final program was highly selective, with an 12.6% acceptance rate. If you selected dual submission with RAPS or RCFS, you will receive a separate decision email from the journal in the next few weeks.
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-107/) - "Price and Volume Divergence in China’s Real Estate Markets: The Role of Local Governments" by Jeffery (Jinfan) Chang, Yuheng Wang, and Wei Xiong
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-42/) - "Generative AI's Impact on Student Achievement and Implications for Worker Productivity" by Naomi Hausman, Oren Rigbi, and Sarit Weisburd
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-106/) - "Dividend Momentum and Stock Return Predictability: A Bayesian Approach" by Juan Antolin-Diaz, Ivan Petrella, and Juan Rubio-Ramirez
- [RAPS Forthcoming Paper](https://sfs.org/raps-forthcoming-paper-21/) - "Primary Capital Market Transactions and Index Funds" by Chris Murray and Marco Sammon
- [New RFS Issue 38(10)](https://sfs.org/new-rfs-issue-3810/) - The October issue of RFS has published! The Editor’s Choice paper is: "The Elasticity of Quantitative Investment" by Carter Davis
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-105/) - "The Structure of Leveraged Buyouts and the Free-Rider Problem" by Mike Burkart, Samuel Lee, and Henrik Petri
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-104/) - "Remotely Productive: The Efficacy of Remote Work for Executives" by Ran Duchin and Denis Sosyura
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-103/) - "Bond Market Resiliency: The Role of Insurers" by Maureen O'Hara, Andreas C. Rapp, and Xing Zhou
- [RAPS Forthcoming Paper](https://sfs.org/raps-forthcoming-paper-20/) - "Cross-Sectional Variation of Risk-targeting Option Portfolios" by Liuren Wu and Yaofei Xu
- [RAPS Forthcoming Paper](https://sfs.org/raps-forthcoming-paper-19/) - "Short Selling Around News in International Stock Markets" by Arseny Gorbenko
- [First Annual Corporate Governance Academic Forum 2025 | University of Toronto](https://sfs.org/first-annual-corporate-governance-academic-forum-2025-university-of-toronto/) - Hosted by the Johnston Centre for Governance Innovation, Rotman School of Management & The European Corporate Governance Institute (ECGI) Toronto, Ontario, Canada October 3, 2025 Please visit Eventbrite to register by Sunday, September 28, 2025 at 11:59 pm EDT. [This conference is unaffiliated with SFS. Unaffiliated conferences are posted as a professional courtesy. To include a conference, contact
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-102/) - "All Clear for Takeoff: Evidence from Airports on the Effects of Infrastructure Privatization" by Hyeik Kim, Sabrina T. Howell, and Yeejin Jang
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-41/) - "Catch the Thief! Fraud in the U.S. Banking Industry" by Atanas Mihov and Filippo Curti
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-40/) - "The Value of Firm Networks: A Natural Experiment on Board Connections" by Ester Faia, Maximilian Mayer, and Vincenzo Pezone
- [New RFS Issue 38(9)](https://sfs.org/new-rfs-issue-389/) - The September issue of RFS has published! The Editor’s Choice paper is: “Does Private Equity Ownership Make Firms Cleaner? The Role of Environmental Liability Risks" by Aymeric Bellon
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-39/) - "Dynamic Financing: How Firms Adjust Debt Maturity, Dispersion, Leverage, and Cash to Accommodate Shocks" by Maria Chaderina
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-101/) - "When Discounted Rates End: The Cost of Taking Action in the Mortgage Market" by Adiya Belgibayeva, Teresa Bono, Philippe Bracke, Nuno Clara, Joao Cocco, and Tommaso Majer
- [RAPS Forthcoming Paper](https://sfs.org/raps-forthcoming-paper-18/) - "Cheap Options Are Expensive" by Alex Boulatov, Amit Goyal, Assaf Eisdorfer, and Alexey Zhdanov
- [SFS Cavalcade Asia-Pacific 2025](https://sfs.org/sfs-cavalcade-asia-pacific-2025/) - Tsinghua PBC School of FinanceDecember 5-7, 2025https://sfs.org/sfs-cavalcade-asia-pacific-2025/
- [SFS Cavalcade North America 2023](https://sfs.org/sfs-cavalcade-north-america-2023-announcement/) - University of Texas at AustinMay 22-25, 2023 See full details on the conference homepage.
- [Vienna Festival of Finance Theory 2023](https://sfs.org/vienna-festival-of-finance-theory-2023/) - When: 21-23 August 2023 Where: Vienna (Austria), CEU Campus Submission deadline: 26 March 2023 Acceptance Decisions: Early May 2023
- [Call for Papers: NBER-RFS Big Data and Securities Markets](https://sfs.org/call-for-papers-nber-rfs-big-data-and-securities-markets/) - The Call for Papers for Big Data and Securities Markets is now available. The conference, which features a dual submission option with RFS, will take place December 1, 2023, in Cambridge, Massachusetts. The RFS sponsoring editor is Itay Goldstein. The submission deadline is September 7, 2023, 11:59 pm EDT.
- [Call for Papers: Columbia & RFS AI in Finance Conference](https://sfs.org/call-for-papers-columbia-rfs-ai-in-finance-conference/) - The Call for Papers for the 2024 Columbia & RFS AI in Finance Conference is now available. The conference, which features optional dual submission to RFS, will take place June 10‐11, 2024, in New York City. The submission deadline is April 7, 2024.
- [Big Data, Artificial Intelligence, and Financial Economics - Call for Papers](https://sfs.org/nber-big-data-artificial-intelligence-and-financial-economics-call-for-papers/) - Cambridge, MA: December 13, 2024 The proliferation of large unstructured datasets along with advances in artificial intelligence (AI) technology provides researchers in financial economics with new opportunities for data analysis, and it also changes the set of subjects these researchers are studying. As AI becomes increasingly important in making decisions using financial market data, it becomes crucial to study how AI
- [Call for Papers: 2025 WEFIDEV RFS-CEPR Conference](https://sfs.org/call-for-papers-2025-wefidev-rfs-cepr-conference/) - The Call for Papers for the 2025 WEFIDEV RFS-CEPR Conference is now available. The conference, which features optional dual submission to RFS, will take place March 28 -29 at LSE, London, UK. The submission deadline is December 1, 2024. The RFS sponsoring editors are Manju Puri and Tarun Ramadorai.
- [UBC 2025 Winter Finance Conference](https://sfs.org/14049-2/) - UBC 2025 Winter Finance Conference Fairmont Chateau Whistler ResortWhistler, British Columbia, Canada February 28 - March 2, 2025 [This conference is unaffiliated with SFS. Unaffiliated conferences are posted as a professional courtesy. To include a conference, contact manager@sfs.org.]
- [Submission Period Open for Cavalcade North America](https://sfs.org/submission-period-open-for-cavalcade-north-america-4/) - The submission period for SFS Cavalcade North America is now open. To submit, please visit SFS Cavalcade North America. The deadline for submissions is December 11, 2024. Dual Submission: The Cavalcade features optional dual submission with the Review of Asset Pricing Studies and the Review of Corporate Finance Studies. PhD Students: The Cavalcade offers submission fee waivers for papers
- [AI in Finance Conference](https://sfs.org/ai-in-finance-conference/) - AI in Finance Conference: Artificial Intelligence and Finance: Opportunities and Risks Smith School of Business, University of Maryland June 10, 2025 Call for Papers Submission Deadline: February 1, 2025 [This conference is unaffiliated with SFS. Unaffiliated conferences are posted as a professional courtesy. To include a conference, contact manager@sfs.org.]
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-100/) - "The Present Value of Future Market Power" by Thummim Cho, Marco Grotteria, Lukas Kremens, and Howard Kung
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-38/) - "Gender diversity in bank boardrooms and green lending: Evidence from euro area credit register data" by Leonardo Gambacorta, Livia Pancotto, Alessio Reghezza, and Martina Spaggiari
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-99/) - "Partial Equilibrium Thinking, Extrapolation, and Bubbles" by Francesca Bastianello and Paul Fontanier
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-98/) - "Nonbank Lending and the Transmission of Monetary Policy" by Dominic Cucic and Denis Gorea
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-97/) - "The Broader Role of Venture Capital Due Diligence" by Juanita Gonzalez-Uribe, Robyn Klingler-Vidra, Su Wang, and Xiang Yin
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-96/) - "The Variance Premium and Seasonal Momentum in Option Returns" by Steven L. Heston, Christopher S. Jones, Mehdi Khorram, Shuaiqi Li, and Haitao Mo
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-95/) - "What Drives Momentum and Reversal? Evidence from Day and Night Signals" by Yashar Barardehi, Vincent Bogousslavsky, and Dmitriy Muravyev
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-94/) - "Do Municipal Bond Investors Pay a Convenience Premium to Avoid Taxes" by Matthias Fleckenstein and Francis A. Longstaff
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-93/) - "Investor-Driven Corporate Finance: Evidence from Insurance Markets" by Christian Kubitza
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-92/) - "Do Mutual Funds Walk the Talk? Evidence from Fund Risk Disclosure" by Jinfei Sheng, Nan Xu, and Lu Zheng
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-91/) - "Anticipatory Trading Against Distressed Mega Hedge Funds" by Vikas Agarwal, George O. Aragon, Vikram Nanda, and Kelsey Wei
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-90/) - "When Two Become One: Foreign Capital and Household Credit Expansion" by Lukas Maximilian Diebold and Björn Richter
- [RFS Data Editors](https://sfs.org/rfs-data-editors/) - RFS has appointed Patrick Weiss (Reykjavik University, Tidy Finance) and Christoph Scheuch (Tidy Finance) as Data Editors. They will begin on August 1, 2025. The editors will review code and data to ensure replicability in accordance with RFS policies.
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-89/) - "Uncertainty, Risk, and Capital Growth" by Gill Segal and Ivan Shaliastovich
- [New RCFS Issue 14(3)](https://sfs.org/new-rcfs-issue-143/) - The August issue of RCFS has published! The Editor’s Choice paper is: “Higher Purpose, Employees, and the Firm" by Anjan V. Thakor
- [New RFS Issue 38(8)](https://sfs.org/new-rfs-issue-388/) - The August issue of RFS has published! The Editor’s Choice paper is: “Near-Rational Equilibria in Heterogeneous-Agent Models: A Verification Method" by Leonid Kogan and Indrajit Mitra
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-88/) - "Cross-Border M&A Flows, Economic Growth, and Foreign Exchange Rates" by Steven John Riddiough and Huizhong Zhang
- [Impact Factor](https://sfs.org/impact-factor-12/) - RAPS has received an impact factor of 1.5 for 2024 (Clarivate).
- [Impact Factor](https://sfs.org/impact-factor-11/) - RCFS has received an impact factor of 2.2 for 2024 (Clarivate).
- [Impact Factor](https://sfs.org/impact-factor-10/) - RFS has received an impact factor of 5.4 for 2024 (Clarivate).
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-37/) - "Corporate payout policy: Are financial firms different?" by Emmanuel Caiazzo, Leonardo Gambacorta, Tommaso Oliviero, and Hyun Song Shin
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-87/) - "Incentivizing Effort and Informing Investment: The Dual Role of Stock Prices" by Naveen Gondhi, Snehal Banerjee, and Jesse Davis
- [Call for Papers: RAPS Special Issue on AI/ML on Asset Pricing ](https://sfs.org/call-for-papers-raps-special-issue-on-ai-ml-on-asset-pricing-3/) - The Review of Asset Pricing Studies is launching a Special Issue on AI/ML on Asset Pricing, guest edited by Zhiguo He (Stanford GSB, Executive Editor of RAPS), Bryan Kelly (Yale SOM, Guest RAPS Editor), and Markus Pelger (Stanford MS&E, Guest RAPS Editor). We welcome papers on all aspects of AI/ML applications in asset pricing. Deadline to submit
- [Call for Papers: RAPS Special Issue on AI/ML on Asset Pricing](https://sfs.org/call-for-papers-raps-special-issue-on-ai-ml-on-asset-pricing-2/) - The Review of Asset Pricing Studies is launching a Special Issue on AI/ML on Asset Pricing, guest edited by Zhiguo He (Stanford GSB, Executive Editor of RAPS), Bryan Kelly (Yale SOM, Guest RAPS Editor), and Markus Pelger (Stanford MS&E, Guest RAPS Editor). We welcome papers on all aspects of AI/ML applications in asset pricing. Deadline to submit
- [New Editor Appointment](https://sfs.org/new-editor-appointment-11/) - RFS is pleased to announce the appointment of Xavier Giroud as an Editor beginning October 1, 2025. Xavier is the Stefan H. Robock Professor of Finance and Economics at Columbia Business School, an NBER Research Associate, and a CEPR Research Fellow. Xavier also served as an Associate Editor of RFS from 2019-2022. Please join us in
- [SFS Vice President](https://sfs.org/sfs-vice-president/) - We are pleased to announce that Philip Strahan (Boston College) will serve as the next Vice President of the Society. Phil will begin his term on August 25. We are very grateful to Yishay Yafeh for delaying his retirement from the Vice President role in order to extend his service through August 24.
- [RFS Executive Editor Wins Jensen Prize](https://sfs.org/rfs-executive-editor-wins-jensen-prize/) - Congratulations to RFS Executive Editor Tarun Ramadorai and co-authors Lu Liu, Alessandro Gavazza, Jack Fisher, and Jagdish Tripathy on winning the Jensen Prize for their paper, "Refinancing Cross-subsidies in the UK Mortgage Market," published in the Journal of Financial Economics in 2024.
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-86/) - "Optimal Time-Consistent Debt Policies" by Andrey Malenko and Anton Tsoy
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-85/) - "Stablecoin Runs and the Centralization of Arbitrage" by Yiming Ma, Yao Zeng, and Anthony Lee Zhang
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-84/) - "Mutual Fund Clienteles" by Daniel Fricke, Stephan Jank, and Hannes Wilke
- [RAPS Forthcoming Paper](https://sfs.org/raps-forthcoming-paper-17/) - "Asset Prices When Investors Underestimate Discount Rate Dynamics" by Wang Renxuan
- [RFS Editor Update](https://sfs.org/rfs-editor-update/) - Due to unforeseen personal circumstances, Gerard Hoberg will be stepping down from his appointment to the RFS editorial board. We wish him all the best.
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-83/) - "Passive Investing and the Rise of Mega-Firms" by Hao Jiang, Dimitri Vayanos, and Lu Zheng
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-82/) - "Are All ESG Funds Created Equal? Only Some Funds Are Committed" by Michelle Lowry, Pingle Wang, and Kelsey Wei
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-81/) - "High-Yield Debt Covenants and Their Real Effects" by Falk Brauning,Victoria Ivashina, and Ali Kivilcim Ozdagli
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-36/) - "Search and Pricing in Security Issues Markets: Theory and Evidence" by Ioannis Floros, Vladimir Alexandrov Gatchev, Ajai Singh, and Qinghai Wang
- [RAPS Forthcoming Paper](https://sfs.org/raps-forthcoming-paper-16/) - "To Lend or Not to Lend: The Bank of Japan's ETF Purchase Program and Securities Lending" by Mitsuru Katagiri, Junnosuke Shino, and Koji Takahashi
- [RAPS Forthcoming Paper](https://sfs.org/raps-forthcoming-paper-15/) - "Information from Inaction: Vested Options Unexercised and Firm Performance" by Dien Giau Bui, Chih-Yung Lin, and Tse-Chun Lin
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-80/) - "Payment for Order Flow and Option Internalization" by Thomas Ernst and Chester S. Spatt
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-79/) - "Too Good to Be True: Look-ahead Bias in Empirical Options Research" by Jefferson Duarte, Christopher S. Jones, Mehdi Khorram, Haitao Mo, and Junbo Wang
- [Associate Chair for SFS Cavalcade North America 2026](https://sfs.org/associate-chair-for-sfs-cavalcade-north-america-2026/) - The Associate Chair for SFS Cavalcade North America 2026 will be Stavros Panageas (UCLA Anderson). Professor Panageas joins Chair Joshua Rauh (Stanford Graduate School of Business) and Vice Chair Stefano Giglio (Yale School of Management).
- [New Membership System](https://sfs.org/new-membership-system/) - The Society for Financial Studies is pleased to launch our new membership system. Members will be able to purchase 1-year memberships, 3-year memberships, or student memberships. Our submission systems will automatically recognize memberships and remind you when you need to renew. The new system was not able to move current memberships over, which means all
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-35/) - "The Performance of Hedge Fund Performance Fees" by Itzhak Ben-David, Justin Birru, and Andrea Rossi
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-78/) - "Financial Intermediaries and The Yield Curve" by Andres Schneider
- [RAPS Forthcoming Paper](https://sfs.org/raps-forthcoming-paper-14/) - "Asset Growth Anomaly of Corporate Bonds: A Decomposition Analysis" by Fang Chen, Jingzhi Huang, Yifei Li, Wenfeng Wu, and Tong Yu
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-34/) - "The Impact of Regulation on Firm Value: Evidence From Political Connections" by Alan D. Crane and Andrew Koch
- [New RFS Issue 38(7)](https://sfs.org/new-rfs-issue-387/) - The July issue of RFS has published! The Editor’s Choice paper is: "Digital Tokens and Platform Building" by Jiasun Li and William Mann
- [Holden 2025 Dual Submission Decisions](https://sfs.org/holden-2025-dual-submission-decisions/) - The dual submission decisions for the 4th Holden Conference have been sent.
- [RCFS Editorial Changes](https://sfs.org/rcfs-editorial-changes/) - RCFS welcomes the following Associate Editors:Tania Babina (University of Maryland)Jennie Bai (Georgetown University)Sergey Chernenko (Purdue University)Umit Gurun (University of Texas at Dallas)William Mullins (UCSD) Associate Editors renewing for a second term are:Amil Dasgupta (London School of Economics)Rawley Heimer (Arizona State University)Sabrina Howell (New York University)Constantine Yannelis (University of Chicago)Ayako Yasuda (UC Davis)Alminas Zaldokas (National University of Singapore) Changes are effective
- [RFS Editorial Changes](https://sfs.org/rfs-editorial-changes/) - As noted previously, Jessica Wachter (University of Pennsylvania) joined the RFS team as an Editor on January 22, Gerard Hoberg (USC Marshall School) will be joining July 1, and Viral Acharya (NYU Stern) will begin September 1. RFS is very grateful to Manju Puri and Holger Mueller, who are retiring from the RFS team. Manju
- [Editorial Team Updates](https://sfs.org/editorial-team-updates-6/) - RAPS welcomes the following Associate Editors:Vincent Bogousslavsky (Boston College)Jonathan Brogaard (University of Utah)Winston Dou (Wharton)Kai Li (PHBS at PKU)Andrea Tamoni (Notre Dame) Associate Editors renewing for a second term are:Ravi Bansal (Duke) Nicolae Garleanu (Washington University in St. Louis)Arvind Krishnamurthy (Stanford)Dacheng Xiu (University of Chicago) Changes are effective July 1, 2025.
- [Winners of the RCFS Awards](https://sfs.org/winners-of-the-rcfs-awards-10/) - The winners of the annual RCFS Awards were announced at SFS Cavalcade North America 2025. We are pleased to share the winners: Best Paper Award“Economic Significance in Corporate Finance”Todd MittonPrize: $10,000 Referee of the YearPeter IlievPrize: $1000 Rising Scholar Award“Employer Dominance and Worker Earnings in Finance”Wenting MaPrize: $5000 Best Registered Report“Corporate Hiring under Uncertainty”Duc Duy Nguyen and Vathunyoo SilaPrize: $5000
- [Winners of the RAPS Awards](https://sfs.org/winners-of-the-raps-awards-8/) - The winners of the annual RAPS Awards were announced at SFS Cavalcade North America 2025. We are pleased to share the winners: Best Paper Award“Loss Sharing in Central Clearinghouses: Winners and Losers”Christian Kubitza, Loriana Pelizzon, and Mila Getmansky ShermanPrize: $10,000 Referee of the YearAlexander DickersonPrize: $1000 Congratulations to all our award winners!
- [Winners of the RFS Awards](https://sfs.org/winners-of-the-rfs-awards-10/) - The winners of the annual RFS Awards were announced at SFS Cavalcade North America 2025. We are pleased to share the winners: Michael J. Brennan Best Paper Award“Who Can Tell Which Banks Will Fail?”Kristian Blickle, Markus Brunnermeier, Stephan LuckPrize: $10,000 Michael J. Brennan Best Paper Runner Up“Noise in Expectations: Evidence from Analyst Forecasts”Tim de Silva, David ThesmarPrize: $5000 Referee
- [SFS Cavalcade North America 2025 Awards](https://sfs.org/sfs-cavalcade-north-america-2025-awards/) - Congratulations to the winners of the Cavalcade awards: Best Paper in Asset Pricing: "The Impact of Fiscal Policy on Financial Institutions, Asset Prices, and Household Behavior" by Federico MainardiBest Paper in Corporate Finance: "Financially Sophisticated Firms Financially Sophisticated Firms" by Kerry Siani and Lira MotaArthur Warga Award for Best Paper in Fixed Income: "Categorical Thinking
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-77/) - "Financial Advisors and Investors' Bias" by Marianne Andries, Maxime Bonelli, and David Alexandre Sraer
- [Submission Period Open for Cavalcade Asia-Pacific](https://sfs.org/submission-period-open-for-cavalcade-asia-pacific/) - The submission period for SFS Cavalcade Asia-Pacific 2025 is now open. To submit, please visit SFS Cavalcade AP. The deadline for submissions is June 30, 2025. Dual Submission: The Cavalcade features optional dual submission with the Review of Asset Pricing Studies and the Review of Corporate Finance Studies. PhD Students: The Cavalcade offers submission fee waivers for papers in
- [Deadline: Cavalcade A-P](https://sfs.org/deadline-cavalcade-a-p/) - Today is the final day to submit a paper to SFS Cavalcade Asia-Pacific 2025. To submit, please visit SFS Cavalcade AP.
- [Deadline Approaching: Cavalcade A-P](https://sfs.org/deadline-approaching-cavalcade-a-p/) - The deadline to submit to the SFS Cavalcade Asia-Pacific is a week away! To submit, please visit SFS Cavalcade AP. The deadline for submissions is June 30, 2025.
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-76/) - "Mortgage Design, Repayment Schedules, and Household Borrowing" by Claes Bäckman, Patrick Moran, and Peter van Santen
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-75/) - "Treasury Re-use and the Demand for Safe Assets" by Sebastian Infante and Zack Saravay
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-74/) - "Cooling Auction Fever: Evidence from the Housing Market" by Antonio Gargano and Marco Giacoletti
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-33/) - "The Politics of the Paycheck Protection Program" by Deniz Igan, Thomas Lambert, Prachi Mishra, and Eden Quxian Zhang Monash University
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-73/) - "Monetary Policy through Production Networks:Evidence from the Stock Market" by Ali Kivilcim Ozdagli and Michael Weber
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-72/) - "Why do investors like short-leg securities? Evidence from a textual analysis of buy recommendations" by Hailiang Chen, Byoung-Hyoun Hwang, and Zhuozhen Peng
- [Deadline Today: RAPS/RCFS Europe Conference](https://sfs.org/deadline-today-raps-rcfs-europe-conference/) - The deadline to submit to the inaugural RAPS/RCFS Europe Conference is today, July 1! Please see the conference website and view the Call for Papers.
- [Deadline Approaching: RAPS/RCFS Europe Conference](https://sfs.org/deadline-approaching-raps-rcfs-europe-conference/) - The deadline to submit to the inaugural RAPS/RCFS Europe Conference is a week away! The deadline to submit is July 1, 2025. For more, please see the conference website and view the Call for Papers.
- [Call for Papers:  First Annual Corporate Governance Academic Forum ](https://sfs.org/call-for-papers-first-annual-corporate-governance-academic-forum/) - Submission deadline: June 30, 2025 - 11:59 pm EDT Learn more here: https://www.rotman.utoronto.ca/faculty-and-research/research-centres/johnstoncentre/news-and-events/call-for-papers-corporate-governance-academic-forum/ Conference date: October 3, 2025 Rotman School of Management, University of Toronto Toronto, Canada In collaboration with the European Corporate Governance Institute (ECGI) and The University of Toronto, The Johnston Centre for Corporate Governance Innovation at The Rotman School of Management will
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-32/) - "Managerial Ownership in a Private Firm Framework" by Chao Gao and Mitchell Johnston
- [SFS Cavalcade A-P 2025 Host](https://sfs.org/sfs-cavalcade-a-p-2025-host/) - We are pleased to announce that the host for SFS Cavalcade Asia–Pacific 2025 will be the Tsinghua University PBC School of Finance in Beijing. The submission portal will open in June.
- [SFS Cavalcade 2027 Host](https://sfs.org/sfs-cavalcade-2027-host/) - We are pleased to announce that the host for SFS Cavalcade North America 2027 will be the Mendoza College of Business at the University of Notre Dame.
- [New RFS Issue 38(6)](https://sfs.org/new-rfs-issue-386/) - The June issue of RFS has published! The Editor’s Choice paper is: “Investor Memory" by Katrin Gödker, Peiran Jiao, and Paul Smeets
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-71/) - "Educating Investors About Dividends" by Andreas Hackethal, Tobin Hanspal, Samuel Hartzmark, and Konstantin Bräuer
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-31/) - "Inflexibility and Corporate Credit Spreads" by Zhe An, Abe De Jong, Ying Xia, and Zhaofeng Xu
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-30/) - "Net Income Aggregation, Investor Inattention, and Portfolio Holding Decisions: Evidence from the Insurance Industry" by Natee Amornsiripanitch, Brandon Goldstein, Zeqiong Huang, David Kwon, and Jinjie Lin
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-70/) - "The Role of Taxes in the Rise of ETFs" by Rabih Moussawi, Ke Shen, and Raisa Velthuis
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-69/) - "Data-driven Investors" by Maxime Bonelli
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-68/) - "Raising Bond Capital in Segmented Markets" by Kerry Yang Siani
- [New RAPS Issue 15(2)](https://sfs.org/new-raps-issue-152/) - The June issue of RAPS has published! The Editor’s Choice paper is: "Welfare Costs of Idiosyncratic and Aggregate Consumption Shocks" by George M. Constantinides
- [RAPS Forthcoming Paper](https://sfs.org/raps-forthcoming-paper-13/) - "Cross-sectional identification of private information" by Dion Bongaerts, Dominik Roesch, and Mathijs A van Dijk
- [RAPS Forthcoming Paper](https://sfs.org/raps-forthcoming-paper-12/) - "Alpha Go Everywhere: Machine Learning and International Stock Returns" by Darwin Choi, Wenxi Jiang, and Chao Zhang
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-67/) - "Fragility of Safe Asset Markets" by Thomas M. Eisenbach and Gregory Phelan
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-66/) - "Why do Traditional and Shadow Banks Coexist?" by Victor Lyonnet and Edouard Chretien
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-29/) - "Loan Guarantees in a Democracy" by Stylianos Papageorgiou and Nicholas Ziros
- [MOFIR 2025 Dual Submission Decisions](https://sfs.org/mofir-2025-dual-submission-decisions/) - The dual submission decisions for MOFIR 2025 have been sent.
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-65/) - "Option Pricing with Time-Varying Volatility Risk Aversion" by Peter Reinhard Hansen and Chen Tong
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-64/) - "Confident Risk Premiums and Investments using Machine Learning Uncertainties" by Rohit Allena
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-63/) - "Asset Overhang and Technological Change" by Hans Degryse, Tarik Roukny, and Joris Tielens
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-62/) - "Man versus Machine Learning Revisited" by Yingguang Zhang, Yandi Zhu, and Juhani Linnainmaa
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-61/) - "Convenience Yield, Inflation Expectations, and Public Debt Growth" by Zhiyu Fu, Jian Li, and Yinxi Xie
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-28/) - "The Disappearing IPO Puzzle and the Shift Toward Acquisitions: New Insights from Proprietary U.S. Census Data on Private Firms" by Thomas J. Chemmanur, Jie He, Xiao Ren, and Tao Shu
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-60/) - "Collateral Effects: The Role of FinTech in Small Business Lending" by Paul Henri Beaumont, Huan Tang, and Eric Vansteenberghe
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-59/) - "The Impact of Bank Consolidation on Credit Supply and Performance" by Sergio Mayordomo, Nicola Pavanini, and Emanuele Tarantino
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-58/) - "Regulating CEO Pay: Evidence from the Nonprofit Revitalization Act" by Ilona Babenko, Benjamin Bennett, and Rik Sen
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-27/) - "The Private Value of Entrepreneurial Control: Evidence from a Discrete Choice Experiment" by Marius Berger, Thorsten Doherr, Sandra Gottschalk, and Maikel Pellens
- [Annual Meeting](https://sfs.org/annual-meeting-11/) - The 2025 Society for Financial Studies Annual Meeting will take place at the 2025 SFS Cavalcade North America at the Stevens Institute of Technology in Hoboken, New Jersey, in May 2025.
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-26/) - "Presidential Particularism (and the Trump Anomaly): Evidence from Federal Contract Awards and Capital Markets" by Ling Cen, Sudipto Dasgupta, Anthony Baird Rice, and Fan Zhang
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-25/) - "Shining a Light on Firm Political Connections: The Role of Dark Money" by Matthew Denes and Madeline Marco Scanlon
- [New RCFS Issue 14(2)](https://sfs.org/new-rcfs-issue-142/) - The May issue of RCFS has published! The Editor’s Choice paper is: “Credit Risk Sharing and Credit Market Regulation" by Ajay Subramanian
- [New RFS Issue 38(5)](https://sfs.org/new-rfs-issue-385/) - The May issue of RFS has published! The Editor’s Choice paper is: “The Impact of the Opioid Crisis on Firm Value and Investment" by Paige Ouimet, Elena Simintzi, and Kailei Ye
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-57/) - "Continuous-Time Fama-MacBeth Regressions" by Yacine Ait-Sahalia, Jean Jacod, and Dacheng Xiu
- [Call for Papers: RAPS Special Issue on AI/ML on Asset Pricing ](https://sfs.org/call-for-papers-raps-special-issue-on-ai-ml-on-asset-pricing/) - The Review of Asset Pricing Studies is launching a Special Issue on AI/ML on Asset Pricing, guest edited by Zhiguo He (Stanford GSB, Executive Editor of RAPS), Bryan Kelly (Yale SOM, Guest RAPS Editor), and Markus Pelger (Stanford MS&E, Guest RAPS Editor). We welcome papers on all aspects of AI/ML applications in asset pricing. Deadline
- [SFS Cavalcade Dual Submission Decisions](https://sfs.org/sfs-cavalcade-dual-submission-decisions-2/) - RAPS has sent their dual submission decisions for SFS Cavalcade North America 2025.
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-56/) - "Is Fraud Contagious? Social Connections and the Looting of COVID Relief Programs" by John M. Griffin, Samuel Kruger, and Prateek Mahajan
- [SFS Cavalcade Dual Submission Decisions](https://sfs.org/sfs-cavalcade-dual-submission-decisions/) - RCFS has sent their dual submission decisions for SFS Cavalcade North America 2025.
- [RCFS Winter Conference Dual Submission Decisions](https://sfs.org/rcfs-winter-conference-dual-submission-decisions-3/) - The dual submission decisions for the RCFS Winter Conference 2025 have been sent.
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-24/) - "The Role of Pilot Studies in Financial Regulation" by Lawrence Harris, Charles M. Kahn, Robert L. McDonald, and Chester S. Spatt
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-55/) - "Heterogeneous Oil Supply Elasticities: Indebtedness and Production Responses to the COVID-19 Shock" by Sergei Seleznev and Veronika Selezneva
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-54/) - "Agency MBS as Safe Assets" by Zhiguo He and Zhaogang Song
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-53/) - "The Pace of Change: Socially Responsible Investing in Private Markets" by Deeksha Gupta, Alexandr Kopytov, and Jan Starmans
- [New Editor Appointment](https://sfs.org/new-editor-appointment-10/) - RFS is pleased to announce the appointment of Gerard Hoberg as an Editor, beginning July 1, 2025. Jerry is the Charles E. Cook Community Bank Chair of Finance at the USC Marshall School of Business and Director of The Institute for Outlier Research in Business. He also previously served as an Associate Editor for the Review from
- [New RFS Issue 38(4)](https://sfs.org/new-rfs-issue-384/) - The April issue of RFS has published! The Editor’s Choice paper is: “The Fed and the Secular Decline in Interest Rates" by Sebastian Hillenbrand
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-52/) - "Short-Term Reversals and Longer-Term Momentum Around the World: Theory and Evidence" by Narasimhan Jegadeesh, Jiang Luo, Avanidhar Subrahmanyam, and Titman Sheridan
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-51/) - "Banking-Crisis Interventions Across Time and Space" by Paul Ferdinand Schmelzing and Andrew Metrick
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-50/) - "Falling Behind: Has Rising Inequality Fueled the American Debt Boom?" by Moritz Drechsel-Grau and Fabian Greimel
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-23/) - "Common ownership and competition: Evidence from ultimate owners of private and public firms" by Inga Heiland
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-49/) - "Investor Sentiment and the Pricing of Characteristics-Based Factors" by Zhuo Chen, Bibo Liu, Huijun Wang, Zhengwei Wang, and Jianfeng Yu
- [Advisory Editor Position Available](https://sfs.org/advisory-editor-position-available/) - An RFS advisory editor position is available for the next academic year; the start date is flexible. The position is a particularly good fit for finance/economics post-docs or late-stage PhD students. The primary task is to provide editorial support in the review process and requires about 10 hours per week with a minimum commitment for
- [Data Editor Positions Available](https://sfs.org/new-job-posting-data-editors/) - The Society is seeking to appoint two Data Editors (junior/senior) to conduct post-acceptance/pre-publication checks to verify/validate the code and data submitted to Harvard Dataverse by authors of articles accepted for publication in the Review of Financial Studies. The aim of the journals’ code and data sharing policy is to promote the transparency, reproducibility and replicability of research
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-48/) - "Willingness to Pay for Carbon Mitigation: Field Evidence from the Market for Carbon Offsets" by Matthias Rodemeier
- [New Editor Appointment](https://sfs.org/new-editor-appointment-9/) - RFS is pleased to announce the appointment of Viral Acharya as an Editor, beginning September 1, 2025. Viral is the C.V. Starr Professor of Economics at New York University Stern School of Business, a Research Associate for NBER, a Research Affiliate for CEPR, and a Research Associate for ECGI. Viral was the Deputy Governor of the Reserve Bank
- [Last Call for Registration for SFS Cavalcade](https://sfs.org/last-call-for-registration-for-sfs-cavalcade/) - SFS Cavalcade North America 2025 is quickly approaching! Please ensure you complete your registration by May 11.
- [Registration for SFS Cavalcade North America 2025](https://sfs.org/registration-for-sfs-cavalcade-north-america-2025/) - The program and registration for SFS Cavalcade North America 2025 are now available on the conference website. The Cavalcade will take place May 19-22 at the Stevens Institute of Technology. Register by April 7 to pay the discounted registration fee. The registration fee is waived for PhD students.
- [Final Day for Early Registration](https://sfs.org/final-day-for-early-registration-3/) - Today is the final day for the early registration for SFS Cavalcade North America 2025. Register today to pay the discounted fee! The fee increases tomorrow, April 8.
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-47/) - "Societal Inequality and Bank Deposit Dynamics: Evidence from the Freedman's Savings Bank" by Virginia Traweek and Malcolm Wardlaw
- [Program for 2025 WEFIDEV RFS-CEPR Conference](https://sfs.org/program-for-2025-wefidev-rfs-cepr-conference/) - The program for the 2025 WEFIDEV RFS-CEPR Conference is now available. The conference will take place March 28 -29 at LSE, London, UK. The RFS sponsoring editors are Manju Puri and Tarun Ramadorai.
- [RAPS & RCFS Keynote](https://sfs.org/raps-rcfs-keynote/) - RAPS & RCFS are pleased to announce Paola Sapienza (Stanford University) as the RAPS & RCFS Keynote Speaker at SFS Cavalcade North America 2025. This keynote will occur on Tuesday, May 20.
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-46/) - "Fast and Slow Arbitrage: The Predictive Power of (Persistent) Capital Flows for Factor Returns" by Xi Dong, Namho Kang, and Joel Peress
- [RAPS Forthcoming Paper](https://sfs.org/raps-forthcoming-paper-11/) - "Priority Rules, Internalization and Payment for Order Flow" by Hans Degryse and Nikolaos Karagiannis
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-45/) - "Common Factors in Equity Option Returns" by Alex R. Horenstein, Aurelio Vasquez, and Xiao Xiao
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-44/) - "Who Bears Flood Risk? Evidence from Mortgage Markets in Florida" by Parinitha Sastry
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-43/) - "Understanding Rationality and Disagreement in House Price Expectations" by Zigang Li, Stijn Van Nieuwerburgh, and Renxuan Wang
- [Decisions for SFS Cavalcade North America 2025](https://sfs.org/decisions-for-sfs-cavalcade-north-america-2025/) - The decisions for SFS Cavalcade North America 2025 have been sent. We received 1537 submissions. The final program was highly selective, with an 9.4% acceptance rate. If you selected dual submission with RAPS or RCFS, you will receive a separate decision email from the journal in the next few weeks.
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-42/) - "Failure to Share Natural Disaster Risk" by Tuomas Tomunen
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-41/) - "Shared Destinies? Small Banks and Small Businesses" by Claire Brennecke, Stefan Jacewitz, and Jonathan Pogach
- [New RAPS Issue 15(1)](https://sfs.org/new-raps-issue-151/) - The March issue of RAPS has published! The Editor’s Choice paper is: "'Superstitious' Investors" by Hongye Guo and Jessica A. Wachter
- [SFS Cavalcade Asia-Pacific Awards](https://sfs.org/sfs-cavalcade-asia-pacific-awards/) - Congratulations to the winners of the Best Paper Awards at SFS Cavalcade Asia-Pacific 2024: Arthur Warga Award for Best Paper in Fixed Income: “Money Market Funds and the Pricing of Near-Money Assets” by Sebastian Doerr, Egemen Eren, and Semyon Malamud Best Paper in Asset Pricing: “Getting to the Core: Inflation Risks Within and Across Asset
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-40/) - "Liquidity Provision on Blockchain-Based Decentralized Exchanges" by Agostino Capponiand Ruizhe Jia
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-39/) - "Relative Performance Evaluation and Strategic Competition" by Li He, Toni Whited, and Ran Guo
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-38/) - "Leaky Director Networks and Innovation Herding" by Felipe Cabezon and Gerard Hoberg
- [RFS Special Issue: The Next Chapter of Big Data in Finance](https://sfs.org/rfs-special-issue-the-next-chapter-of-big-data-in-finance/) - The March issue of RFS 38(3) is a Special Issue on The Next Chapter of Big Data in Finance, edited by Itay Goldstein, Chester S. Spatt, and Mao Ye. The Editor’s Choice is "Fractional Trading" by Zhi Da, Vivian W. Fang, and Wenwei Lin.
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-37/) - "How likely is an inflation disaster?" by Jens Hilscher, Alon Raviv, and Ricardo Reis "Bank Risk-Taking and the Real Economy: Evidence from the Housing Boom and its Aftermath" by Antonio Falato, Giovanni Favara, and David Scharfstein
- [New Editor Appointment](https://sfs.org/new-editor-appointment-8/) - RFS is pleased to announce the appointment of Jessica Wachter as an Editor beginning January 22, 2025. Jessica is the Dr. Bruce I. Jacobs Professor in Quantitative Finance at the Wharton School of Business of the University of Pennsylvania, and previously was Chief Economist and Director of the Division of Economic and Risk Analysis at the
- [New RFS Issue 38(2)](https://sfs.org/new-rfs-issue-382/) - The February issue of RFS has published! The Editor’s Choice paper is: “Does Liquidity Management Induce Fragility in Treasury Prices? Evidence from Bond Mutual Funds" by Shiyang Huang, Wenxi Jiang, Xiaoxi Liu, and Xin Liu
- [Cavalcade Review Deadline](https://sfs.org/cavalcade-review-deadline/) - Program Committee members for SFS Cavalcade North America 2025, please take note - reviews are due tomorrow, January 22.
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-22/) - "Corporate Hiring under Uncertainty" by Duc Duy Nguyen and Vathunyoo Sila
- [RFS Forthcoming Papers](https://sfs.org/rfs-forthcoming-papers-15/) - "Dynamic Coordination and Bankruptcy Regulations" by Hongda Zhong and Zhen Zhou "How Does Removing the Tax Benefits of Debt Affect Firms? Evidence from the 2017 US Tax Reform" by Ali Sanati and Mehdi Beyhaghi
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-36/) - "Personal Bankruptcy Protection and Household Debt" by Felipe Severino, Meta Brown, and Rajashri Chakrabarti
- [RFS Forthcoming Papers](https://sfs.org/rfs-forthcoming-papers-14/) - "Technological Obsolescence" by Song Ma
- [RFS Forthcoming Papers](https://sfs.org/rfs-forthcoming-papers-13/) - "Identifying Price Informativeness" by Eduardo Davila and Cecilia Parlatore "Π-CAPM: The Classical CAPM with Probability Weighting and Skewed Assets" by Joost Driessen, Sebastian Ebert, and Joren Koëter
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-21/) - "Countercyclical Liquidity Policy and Credit Cycles: Evidence from Macroprudential and Monetary Policy in Brazil" by Jose-Luis Peydro, Rodrigo Barbone Gonzalez, Bernardus V. Doornik, andJoao Barata Barroso
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-35/) - "An Equilibrium Model of Imperfect Hedging: Transaction Costs, Heterogeneity in Risk Aversion, and Return Volatility" by Mark Loewenstein and Qin Zhenjiang
- [New RCFS Issue 14(1)](https://sfs.org/new-rcfs-issue-141/) - The February issue of RCFS has published! The Editor’s Choice paper is: “Quasi-Insider Shareholder Activism: Corporate Governance at the Periphery of Control" by Jonathan Cohn, Mitch Towner, and Aazam Virani
- [Jackson Hole Dual Submissions](https://sfs.org/jackson-hole-dual-submissions/) - The dual submission decisions for the 18th Jackson Hole Finance Group Conference have been sent for both RCFS and RAPS. If you selected dual submission and did not receive your decision, please contact us.
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-34/) - "Near-Rational Equilibria in Heterogeneous-Agent Models: A Verification Method" by Leonid Kogan and Indrajit Mitra
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-33/) - "When financial advice leads to positive performance: Evidence from repeated client-advisor interactions" by Charline Uhr
- [RAPS Forthcoming Paper](https://sfs.org/raps-forthcoming-paper-10/) - "Jumps and Post-FOMC Announcement Returns in Currency Markets" by Suzanne S. Lee and Minho Wang
- [RCFS Winter Conference Decisions](https://sfs.org/rcfs-winter-conference-decisions-3/) - Decisions for submitted papers and registered reports have been sent. If you selected dual submission, you will receive a separate email in the coming weeks.
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-32/) - "Learning to Disclose: Disclosure Dynamics in the 1890s Streetcar Industry" by Thomas Bourveau, Matthias Breuer, and Robert Stoumbos
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-31/) - "Macroeconomic Expectations and Credit Card Spending" by Mikhail Galashin, Martin Kanz, and Ricardo Perez-Truglia
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-30/) - "Gender Stereotypes and Entrepreneur Financing" by Camille Hebert
- [New RFS Issue 38(1)](https://sfs.org/new-rfs-issue-381/) - The January issue of RFS has published! The Editor’s Choice paper is: “The Hedging Channel of Exchange Rate Determination" by Gordon Y. Liao and Tony Zhang
- [RFS Forthcoming Papers](https://sfs.org/rfs-forthcoming-paper-29/) - "Finance, Advertising, and Race" by Claire Celerier and Purnoor Tak "The Persistence of Miscalibration" by Michael Boutros, Itzhak Ben-David, John R. Graham, Campbell Harvey, and John W. Payne "Digital Tokens and Platform Building" by Jiasun Li and William Mann
- [RFS Forthcoming Papers](https://sfs.org/rfs-forthcoming-papers-12/) - "An Intermediation-Based Model of Exchange Rates" by Semyon Malamud, Andreas Schrimpf, and Yuan Zhang "Getting to the Core: Inflation Risks Within and Across Asset Classes" by Xiang Fang, Yang Liu, and Nikolai Roussanov
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-28/) - "Does Private Equity Ownership Make Firms Cleaner? The Role Of Environmental Liability Risks" by Aymeric Bellon
- [Deadline Approaching: Cavalcade Registration](https://sfs.org/deadline-approaching-cavalcade-registration/) - The final day to register for SFS Cavalcade Asia-Pacific 2024 is December 1. On-site registration will not be available. Register here.
- [RAPS Forthcoming Papers](https://sfs.org/raps-forthcoming-papers-3/) - "Welfare Costs of Idiosyncratic and Aggregate Consumption Shocks" by George M. Constantinides
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-20/) - "Stakeholder Orientation, Product Market Competition, and the Cost of Equity" by Zhihong Chen, Sichen Shen, and Hong Zou
- [RFS Forthcoming Papers](https://sfs.org/rfs-forthcoming-papers-11/) - "Short-term Debt and Corporate Governance" by Paul Voss "Bank Debt, Mutual Fund Equity, and Swing Pricing in Liquidity Provision" by Yiming Ma, Kairong Xiao, and Yao Zeng
- [Deadline Approaching: RCFS Winter Conference](https://sfs.org/deadline-approaching-rcfs-winter-conference-7/) - The deadline to submit papers to RCFS Winter Conference 2025 is only a week away! The deadline is November 18, 2024. Submit here. The deadline for Registered Reports is November 25, 2024.
- [Deadline Approaching: SFS Cavalcade North America](https://sfs.org/deadline-approaching-sfs-cavalcade-north-america-2/) - The deadline to submit to SFS Cavalcade North America is approaching! To submit, please visit SFS Cavalcade North America. The deadline for submissions is December 11, 2024. Dual Submission: The Cavalcade features optional dual submission with the Review of Asset Pricing Studies and the Review of Corporate Finance Studies. PhD Students: The Cavalcade offers submission fee waivers for papers in
- [Final Day to Submit](https://sfs.org/final-day-to-submit-4/) - Today is the final day to submit to SFS Cavalcade North America! Please make sure to begin your submission with time to complete it before 11:59pm ET. To submit, please visit SFS Cavalcade North America.
- [Submission Period Closed](https://sfs.org/submission-period-closed-5/) - The submission period for SFS Cavalcade North America is closed.
- [Submission Period Closed](https://sfs.org/submission-period-closed-7/) - The submission period for Registered Reports on “Understanding Firms, Households and Financing in the Age of AI” is now closed for the RCFS Winter Conference 2025.
- [Final Day to Submit](https://sfs.org/final-day-to-submit-6/) - Today is the final day to submit Registered Reports on “Understanding Firms, Households and Financing in the Age of AI” to the RCFS Winter Conference 2025. Please make sure to begin your submission with time to complete it before 11:59pm PT. Submit here.
- [Deadline Approaching: RCFS Winter Conference](https://sfs.org/deadline-approaching-rcfs-winter-conference-8/) - The deadline to submit Registered Reports on “Understanding Firms, Households and Financing in the Age of AI” to RCFS Winter Conference 2025 is only a week away! The deadline is November 25, 2024. Submit here.
- [Submission Period Closed](https://sfs.org/submission-period-closed-6/) - The submission period for papers is now closed for RCFS Winter Conference 2025. The submission deadline for Registered Reports is November 25, 2024.
- [Final Day to Submit](https://sfs.org/final-day-to-submit-5/) - Today is the final day to submit papers to RCFS Winter Conference 2025. Please make sure to begin your submission with time to complete it before 11:59pm PT. Submit here. The deadline for Registered Reports is November 25, 2024.
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-27/) - "Does finance benefit society? A language embedding approach" by Manish Jha, Hongyi Liu, and Asaf Manela
- [Impact Factor](https://sfs.org/impact-factor-7/) - We are pleased to share that RAPS has received an impact factor of 2.2 for 2023.
- [Impact Factor](https://sfs.org/impact-factor-9/) - We are pleased to share that RFS has received an impact factor of 6.8 for 2023.
- [Impact Factor](https://sfs.org/impact-factor-8/) - We are pleased to share that RCFS has received an impact factor of 1.9 for 2023.
- [New RFS Issue 37(12)](https://sfs.org/new-rfs-issue-3712/) - The December issue of RFS has published! The Editor’s Choice paper is: "Are Bankruptcy Professional Fees Excessively High?" by Samuel Antill
- [New RAPS Issue 14(4)](https://sfs.org/new-raps-issue-144/) - The December issue of RAPS has published! The Editor’s Choice paper is: “Systematic Skewness and Stock Returns" by Paul Karehnke.
- [RFS Forthcoming Papers](https://sfs.org/rfs-forthcoming-papers-10/) - "The Financial Channel of the Exchange Rate and Global Trade" by Sai Ma and Tim Schmidt-Eisenlohr "When do Judges Throw the Book at Companies? The Influence of Partisanship in Corporate Prosecutions" by Todd Andrew Gormley, Mahsa S. Kaviani, and Hosein Maleki
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-26/) - "Childhood Exposure to Misbehavior and the Culture of Financial Misconduct" by Christopher P. Clifford, Jesse Ellis, and William C. Gerken
- [Dual Submission Decisions for CUHK-RAPS-RCFS Conference](https://sfs.org/dual-submission-decisions-for-cuhk-raps-rcfs-conference-2/) - The RCFS dual submission decisions for the CUHK-RAPS-RCFS Conference on Asset Pricing and Corporate Finance have been sent. If you submitted your paper as a dual submission to RCFS and did not receive your decision email, please contact us.
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-25/) - "Social Connectedness in Bank Lending" by Oliver Rehbein and Simon Rother
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-24/) - "Institutional Corporate Bond Pricing" by Lorenzo Bretscher, Lukas Schmid, Ishita Sen, and Varun Sharma
- [RFS Forthcoming Papers](https://sfs.org/rfs-forthcoming-papers-9/) - "Common Pricing of Decentralized Risk: A Linear Option Pricing Model" by Liuren Wu and Yuzhao Zhang "Weak Identification of Long Memory with Implications for Volatility Modelling" by Jia Li, Peter C. B. Phillips, Shuping Shi, and Jun Yu "Who Holds Sovereign Debt and Why It Matters" by Xiang Fang, Bryan Hardy, and Karen K. Lewis
- [New RFS Issue 37(11)](https://sfs.org/new-rfs-issue-3711/) - The November issue of RFS has published! The Editor’s Choice paper is: “Machine Learning for Continuous-Time Finance” by Victor Duarte, Diogo Duarte, and Dejanir H. Silva
- [RCFS Special Issue: Corporate Market Power: Drivers and Financial Consequences](https://sfs.org/rcfs-special-issue-corporate-market-power-drivers-and-financial-consequences/) - The November issue of RCFS 13(4) is a Special Issue on Corporate Market Power: Drivers and Financial Consequences, edited by Andrew Ellul, Isil Erel, Camelia Kuhnen, and Robert Marquez. The Editor’s Choice is "Banks’ Market Power, Access to Finance, and Leverage" by M. Cecilia Bustamante and Francesco D’Acunto
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-19/) - "Haste Makes Waste: Banking Organization Growth and Operational Risk" by Scott Frame, Ping McLemore, and Atanas Mihov
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-23/) - "The Financial Consequences of Pretrial Detention" by Pablo Slutzky and Sheng-Jun Xu
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-22/) - "Economic Implications of Scaling Blockchains" by Kose John, Thomas J. Rivera, and Fahad Saleh
- [Dual Submission Decisions for CUHK-RAPS-RCFS Conference](https://sfs.org/dual-submission-decisions-for-cuhk-raps-rcfs-conference/) - The RAPS dual submission decisions for the CUHK-RAPS-RCFS Conference on Asset Pricing and Corporate Finance have been sent. If you submitted your paper as a dual submission to RAPS and did not receive your decision email, please contact us.
- [Last Call for Registration](https://sfs.org/last-call-for-registration/) - SFS Cavalcade Asia-Pacific 2024 is quickly approaching! Make sure to register by December 1.
- [Final Day for Early Registration](https://sfs.org/final-day-for-early-registration-2/) - Today is the final day for early registration for SFS Cavalcade Asia-Pacific 2024. The registration fee increases tomorrow, November 1. Register now to pay the reduced early registration fee.
- [Register for SFS Cavalcade Asia-Pacific](https://sfs.org/register-for-sfs-cavalcade-asia-pacific/) - Registration is now open for SFS Cavalcade Asia-Pacific 2024, hosted by the Department of FinTech, SKK Business School at Sungkyunkwan University (SKKU), in Seoul, Korea, fromDecember 13-15, 2024. Complete your registration by October 31 to pay the reduced early registration fee!
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-21/) - "The Elasticity of Quantitative Investment" by Carter Davis
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-20/) - "The Effects of Going Public on Firm Profitability and Strategy" by Borja Larrain, Gordon Phillips, Giorgo Sertsios, and Francisco Urzua
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-19/) - "The Intangibles Song in Takeover Announcements: Good Tempo, Hollow Tune" by Zoran Filipovic and Alexander F. Wagner
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-18/) - "Bail-Ins, Optimal Regulation, and Crisis Resolution" by Christopher Clayton and Andreas Joannes Schaab
- [RCFS Forthcoming Papers](https://sfs.org/rcfs-forthcoming-papers-2/) - "Binding Say-on-Pay and Shareholder Value" by Alexander F. Wagner and Christoph Wenk "Non-Executive Directors at Early-Stage Startups" by Buvaneshwaran Venugopal and Vijay Yerramilli
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-17/) - "Hedging, Contract Enforceability and Competition" by Erasmo Giambona, Anil Kumar, and Gordon Phillips
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-16/) - "Option Auctions" by Terrence Hendershott, Saad Ali Khan, and Ryan Riordan
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-18/) - "Bank Competition and Bargaining over Refinancing" by Marina Emiris, Francois Koulischer, and Christophe Spaenjers
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-15/) - "Nonbank Lending and Credit Cyclicality" by Quirin Fleckenstein, Manasa Gopal, German Gutierrez, and Sebastian Hillenbrand
- [RCFS Dual Decisions](https://sfs.org/rcfs-dual-decisions/) - The RCFS dual submission decisions for SFS Cavalcade Asia-Pacific 2024 have been sent. If you submitted your paper as a dual submission to RAPS and did not receive your decision email, please contact us.
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-14/) - "The Effect of Principal Reduction on Household Distress: Evidence from Mortgage Cramdown" by Jacelly Cespedes, Carlos Rafael Parra, and Clemens Sialm
- [RCFS Forthcoming Papers](https://sfs.org/rcfs-forthcoming-paper-17/) - "Firm-bank relationships: a cross-country comparison" by Kamelia Kosekova, Angela Maddaloni, Melina Papoutsi, and Fabiano Schivardi "Legally powerful shareholder proposals for payout policy: Evidence from Japan" by Kiyonori Iwata and Yukihiro Yasuda
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-16/) - "Speculative and Informative: Lessons from Market Reactions" by J. Anthony Cookson, S. Katie Moon, and Joonki Noh
- [RFS Forthcoming Papers](https://sfs.org/rfs-forthcoming-papers-8/) - "Political Sentiment and Innovation: Evidence from Patenters" by Joseph Engelberg,Runjing Lu, William Mullins, and Richard Townsend "Speculating on Higher Order Beliefs" by Paul Schmidt-Engelbertz and Kaushik Vasudevan
- [RAPS Editor](https://sfs.org/raps-editor/) - RAPS is pleased to announce that Joël Peress will serve as an editor of RAPS beginning November 1, 2024. Joel is a Professor of Finance and the Claude Janssen Chaired Professor of Business Administration at INSEAD. We are grateful to Jules H. van Binsbergen, who will be retiring from his editor role on November 1.
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-15/) - "Block Diversity and Governance" by Ryan Israelsen, Miriam Schwartz-Ziv, and James Weston
- [RAPS Dual Submission Decisions](https://sfs.org/raps-dual-submission-decisions-3/) - The RAPS dual submission decisions for SFS Cavalcade Asia-Pacific 2024 have been sent. If you submitted your paper as a dual submission to RAPS and did not receive your decision email, please contact us.
- [Editorial Team Changes](https://sfs.org/editorial-team-changes-11/) - We thank Hui Chen, who has now retired as an Editor, and welcome Riccardo Colacito, who is joining the team in his place. We also thank the following Associate Editors, who have completed their terms: Anna Pavlova, Sophie Shive, Annette Vissing-Jorgensen and Terence Hendershott. And we welcome our incoming and renewing Associate Editors: Carole Compton-Forde,
- [SFS Cavalcade North America Awards](https://sfs.org/sfs-cavalcade-north-america-awards/) - Best Paper Awards We congratulate the authors of the Best Papers in Asset Pricing, Corporate Finance, and Fixed Income categories. Best Paper in Asset Pricing: “Crash Narratives”, by Dasol Kim, Will Goetzmann, and Bob ShillerBest Paper in Corporate Finance: “Voting Choice” by Andrey Malenko and Nadya MalenkoArthur Warga Award for Best Paper in Fixed Income:
- [Outgoing and incoming President and Council Chair](https://sfs.org/outgoing-and-incoming-president-and-council-chair/) - Wei Jiang steps down as SFS President effective June 30. We are deeply grateful to Wei for her exemplary leadership and dedication to the SFS. We wish Wei success as she starts her new role as Vice President of the American Finance Association. We are also very grateful to Renee Adams for her excellent service
- [Submission Period Closed](https://sfs.org/submission-period-closed-4/) - The submission period for SFS Cavalcade Asia–Pacific 2024 has now closed.
- [SFS Cavalcade Asia–Pacific - Deadline for Submissions is July 8](https://sfs.org/sfs-cavalcade-asia-pacific-deadline-for-submissions-is-july-8/) - The deadline to submit to SFS Cavalcade Asia–Pacific 2024 is approaching! Full details are available at SFS Cavalcade Asia–Pacific 2024. To submit, please visit https://www.conftool.org/cavalcade-asia-pacific-2024/. Make sure to begin your submission with plenty of time to complete it before the deadline of 11:59pm Korean Standard Time (GMT +9). Late submissions will not be allowed. Dual Submission: The
- [Deadline Approaching: SFS Cavalcade Asia–Pacific](https://sfs.org/deadline-approaching-sfs-cavalcade-asia-pacific-2/) - The deadline to submit to SFS Cavalcade Asia–Pacific 2024 is approaching! Full details are available at SFS Cavalcade Asia–Pacific 2024. To submit, please visit https://www.conftool.org/cavalcade-asia-pacific-2024/. The deadline for submissions is July 8, 2024. Make sure to begin your submission with plenty of time to complete it before the deadline of 11:59pm Korean Standard Time (GMT +9).
- [Editorial Team Changes](https://sfs.org/editorial-team-changes-10/) - We are very grateful to Andrew Ellul, who is retiring as Executive Editor. Andrew has been Executive Editor since 2018. We thank him for his outstanding service to the RCFS. And we welcome Isil Erel as incoming Executive Editor. All changes effective July 1.
- [New RFS submission fees](https://sfs.org/new-rfs-submission-fees/) - As of July 8, 2024, the submission fees for submission of papers to the Review of Financial Studies will change. The new fee structure is given below. New Submissions and Revise and Resubmit from High Income Economies: SFS Members-- $400 SFS Non-Members -- $460 New Submissions and Revise and Resubmit from Middle Income Economies: (All Coauthors must
- [Associate Chair for SFS Cavalcade North America 2025](https://sfs.org/associate-chair-for-sfs-cavalcade-north-america-2025/) - We are happy to announce that the Associate Chair for SFS Cavalcade North America 2025 will be Stefano Giglio (Yale School of Management). Professor Giglio joins Chair Laura Veldkamp (Columbia Business School) and Vice Chair Joshua Rauh (Stanford Graduate School of Business).
- [RFS Associate Editors](https://sfs.org/associate-editors-4/) - We thank the following Associate Editors, who have completed their terms: Jaroslav Borovicka, Laurent Fresard, Cary Frydman, Chotibhak Jotikasthira, Merit Sevilir, and Dacheng Xiu. And we welcome our incoming and renewing Associate Editors: Andreas Fuster (EPFL), Nicolas Crouzet (Northwestern University), Lu Han (University of Wisconsin-Madison), Francesco Franzoni (Università della Svizzera italiana), Kristoph Kleiner (Indiana University),
- [New Editor Appointment](https://sfs.org/new-editor-appointment-7/) - RCFS is pleased to announce the appointment of Tony Cookson as an Editor beginning July 1, 2024. Tony is Professor of Finance at the Leeds School Business at University of Colorado at Boulder. He has served as an associate editor at Journal of Financial Economics and Management Science. He is also a director of the Financial Research
- [Editorial Team Changes](https://sfs.org/editorial-team-changes-9/) - We are very grateful to Itay Goldstein, who is retiring as Executive Editor. Itay has been an Editor with RFS since 2013, and Executive Editor since 2018. We thank him for his outstanding service to the RFS. And we are pleased to share that Andrey Malenko (Boston College) is joining the RFS team as an
- [Call for Papers: 3rd Holden Conference in Finance and Real Estate](https://sfs.org/call-for-papers-3rd-holden-conference-in-finance-and-real-estate/) - Following the success of last year’s conference, which hosted participants from over 30 universities, the Finance Department at the Kelley School of Business, Indiana University, invites empirical and theoretical papers in all finance and real estate areas for presentation at the 3rd Holden Conference. The Call for Papers is now available. The deadline for submission
- [SFS Cavalcade Asia–Pacific 2024 Host](https://sfs.org/sfs-cavalcade-asia-pacific-2024-host/) - We are pleased to announce that the host for the 2024 SFS Cavalcade Asia–Pacific will be the Department of FinTech, SKK Business School at Sungkyunkwan University at Seoul, Korea (SKKU). We will be opening up the submission portal in a few weeks for submission of papers for the 2024 SFS Cavalcade at SKKU. Stay
- [Call for Papers:                                   IX Santiago Finance Workshop 2024](https://sfs.org/call-for-papers-ix-santiago-finance-workshop-2024/) - The School of Business and Economics of the University of Chile (with the support of the Central Bank of Chile) is proud to organize the 2024 edition of the Santiago Finance Workshop (SFW), which will take place in person on December 9–10, 2024, in Santiago, Chile. The University of Chile is one of the most
- [Call for Papers: 2024 (Fifth) University of Oklahoma and Review of Financial Studies Climate and Energy Finance Research Conference](https://sfs.org/call-for-papers-2024-fifth-university-of-oklahoma-and-review-of-financial-studies-climate-and-energy-finance-research-conference/) - The University of Oklahoma Price College of Business Center for Financial Studies is organizing the Fifth OU-RFS Climate and Energy Finance Research Conference, to be held at the Vast Conference Center in Oklahoma City from November 14-16, 2024. The conference is co-sponsored by the Review of Financial Studies under its dual review system. The Call
- [Announcing New Appointments](https://sfs.org/announcing-new-appointments/) - The SFS is very pleased to announce two outstanding appointments: Janice Eberly, James R. and Helen D. Russell Professor of Finance at Northwestern University’s Kellogg School of Management, will be the SFS President starting from July 1, 2024. Janice will serve as co-Vice President of the SFS until June 30, 2024. Jonathan Karpoff, Professor of
- [Deadline Approaching: CSEF- RCFS Conference on Finance, Labor, and Inequality](https://sfs.org/deadline-approaching-csef-rcfs-conference-on-finance-labor-and-inequality/) - The deadline to submit to the CSEF- RCFS Conference on Finance, Labor, and Inequality is March 18, 2024. The conference, which features optional dual submission to RCFS, will take place June 21-22, 2024, in Capri. Please see the Call for Papers here.
- [SFS Cavalcade North America 2024](https://sfs.org/sfs-cavalcade-north-america-2024-3/) - Have you registered for SFS Cavalcade North America 2024? All participants must register in advance, including session chairs, discussants, presenters, and attending co-authors. Register today on the Cavalcade website.
- [Annual Meeting](https://sfs.org/annual-meeting-10/) - The 2024 Society for Financial Studies Annual Meeting will take place at the 2024 SFS Cavalcade North America at Georgia State University in May 2024.
- [New RFS Issue 37(3)](https://sfs.org/new-rfs-issue-373/) - The March issue of RFS has published! The Editor’s Choice paper is: "The Cost of Bank Regulatory Capital" by Matthew C Plosser and João A C Santos
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-13/) - "Machine Learning for Continuous-Time Finance" by Victor Duarte, Diogo Duarte, and Dejanir Silva
- [SFS Cavalcade North America 2024](https://sfs.org/sfs-cavalcade-north-america-2024-2/) - Don't forget to register for SFS Cavalcade North America 2024 by April 7 to pay the discounted registration fee. For details, visit the Cavalcade website.
- [SFS Cavalcade North America 2024](https://sfs.org/sfs-cavalcade-north-america-2024/) - Registration for SFS Cavalcade North America 2024 is now live on the website. Register by April 7 to pay the discounted registration fee.
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-14/) - "Trust in Traditional Finance and Consumer Fintech Adoption" by Deniz Okat, Mikael Paaso, and Vesa Pursiainen
- [RFS Forthcoming Papers](https://sfs.org/rfs-forthcoming-papers-7/) - "The Bright Side of Political Uncertainty: The Case of R&D" by Julian Atanassov, Brandon Julio, and Tiecheng Leng "Computational Reproducibility in Finance: Evidence from 1,000 Tests" by Christophe Perignon, Olivier Akmansoy, Christophe Hurlin, Anna Dreber, Felix Holzmeister, Juergen Huber, Magnus Johannesson, Michael Kirchler, Albert J. Menkveld, Michael Razen, and Utz Weitzel
- [Decisions for SFS Cavalcade North America 2024](https://sfs.org/decisions-for-sfs-cavalcade-north-america-2024/) - The decisions for SFS Cavalcade North America 2024 have been sent. If you did not receive your decision, please contact us. We received 1619 submissions. The final program was highly selective, with an 8.9% acceptance rate. If you selected dual submission with RAPS or RCFS, you will receive a separate decision email from the journal in the next
- [RCFS Winter Conference Dual Submission Decisions](https://sfs.org/rcfs-winter-conference-dual-submission-decisions-2/) - The dual submission decisions for the RCFS Winter Conference 2024 have been sent. If you submitted your paper as a dual submission to RCFS and did not receive your decision email, please contact us.
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-12/) - "Institutional Brokerage Networks: Facilitating Liquidity Provision" by Munhee Han, Sanghyun (Hugh) Kim, and Vikram Nanda
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-13/) - "Human Capital Reallocation Across Firms: Evidence from Idiosyncratic Shocks" by Erik Gilje, Jerome Philippe Alain Taillard, and Linghang Zeng
- [RCFS Winter Conference Program](https://sfs.org/rcfs-winter-conference-program-4/) - The program for the RCFS Winter Conference is available on the conference website. The conference will take place February 16-18, 2024, at the Royal Sonesta Hotel in San Juan, Puerto Rico.
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-12/) - "Non-pecuniary Benefits: Evidence from the Location of Private Company Sales" by Mark Jansen and Adam Winegar
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-11/) - "Digitalization and Retirement Contribution Behavior: Evidence from Administrative Data" by Claudio Daminato, Massimo Filippini, and Fabio Haufler
- [New RAPS Issue 14(1)](https://sfs.org/new-raps-issue-141/) - The March issue of RAPS has published! The Editor’s Choice paper is: “Investor Demand for Leverage: Evidence from Equity Closed-End Funds" by Robert Dam, Shaun William Davies, and S. Katie Moon
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-10/) - "Blood Money: Selling Plasma to Avoid High-Interest Loans" by John Dooley and Emily A. Gallagher
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-11/) - "Skilled Immigration, R&D Concentration, and Industry Consolidation" by Rajesh K. Aggarwal and Mufaddal Baxamusa
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-10/) - "Do Institutional Investors Process and Act Upon Information? Evidence from M&A Targets" by Kirak Kim, Ellie Luu, and Fangming Xu
- [RAPS & RCFS Keynote Speaker](https://sfs.org/raps-rcfs-keynote-speaker-2/) - We are pleased to announce that Viral Acharya (NYU Stern) will be the RAPS & RCFS Keynote Speaker at SFS Cavalcade North America 2024.
- [RCFS Dual Submission Decisions](https://sfs.org/rcfs-dual-submission-decisions/) - The RCFS dual submission decisions for the Jackson Hole 2024 Conference have been sent. If you submitted your paper as a dual submission to RCFS and did not receive your decision email, please contact us.
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-9/) - "Non-dilutive CoCo Bonds: A Necessary Evil?" by Andrea Gamba, Yanxiong Gong, and Kebin Ma
- [RFS Forthcoming Papers](https://sfs.org/rfs-forthcoming-paper-8/) - "Who Can Tell Which Banks Will Fail?" by Kristian Sven Blickle, Markus K. Brunnermeier, and Stephan Luck "The Effects of Macroeconomic Shocks: Household Financial Distress Matters" by Jose Mustre-del-Rio, Juan M. Sanchez, Ryan Mather, and Kartik B. Athreya
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-9/) - "A Comprehensive 2022 Look at the Empirical Performance of Equity Premium Prediction" by Amit Goyal, Ivo Welch, and Athanasse Zafirov
- [RAPS Forthcoming Paper](https://sfs.org/raps-forthcoming-paper-9/) - "Predicting the Equity Premium with Combination Forecasts: A Reappraisal" by Sebastian Denk and Gunter Löffler
- [SFS Cavalcade 2026 Host](https://sfs.org/sfs-cavalcade-2026-host/) - We are pleased to announce that the host for SFS Cavalcade North America 2026 will be the Darden Graduate School of Business Administration at the University of Virginia. Darden hosted the second Cavalcade back in 2012, and we look forward to returning! For more on upcoming Cavalcades, visit SFS Cavalcade North America.
- [RAPS Forthcoming Paper](https://sfs.org/raps-forthcoming-paper-8/) - "Contingent Claims and Hedging of Credit Risk with Equity Options" by Davide Avino and Enrique Salvador
- [Announcing the Next Executive Editor of RFS](https://sfs.org/announcing-the-next-executive-editor-of-rfs/) - We are very pleased to announce that Tarun Ramadorai will serve as the next Executive Editor of RFS. Tarun is Professor of Financial Economics at Imperial College London, and currently serves as an Editor of RFS. Tarun will begin his term as Executive Editor on July 1, 2024.
- [Announcing the Next Executive Editor of RCFS](https://sfs.org/announcing-the-next-executive-editor-of-rcfs/) - We are very pleased to announce that Isil Erel will serve as the next Executive Editor of RCFS. Isil is the David A. Rismiller Chair in Finance and the academic director of the Risk Institute at the Fisher College of Business of The Ohio State University. She currently serves as an Editor of RCFS, and she
- [RFS Forthcoming Papers](https://sfs.org/rfs-forthcoming-papers-6/) - "A Dynamic Theory of Lending Standards" by Michael J. Fishman, Jonathan A. Parker, and Ludwig Straub "The Dynamics of Loan Sales and Lender Incentives" by Sebastian Gryglewicz, Simon Mayer, and Erwan Morellec
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-8/) - "Cross-Market Effects of Consolidation: Evidence from Banking" by Andrew Bird, Ding Du, and Stephen A. Karolyi
- [RAPS Forthcoming Papers](https://sfs.org/raps-forthcoming-papers-2/) - "An Empirical Assessment of Characteristics and Optimal Portfolios" by Christopher G. Lamoureux and Huacheng Zhang "Equity Return Predictability with the ICAPM" by Michael Hasler and Charles Martineau
- [RFS Forthcoming Papers](https://sfs.org/rfs-forthcoming-papers-5/) - "Equity Return Expectations and Portfolios: Evidence from Large Asset Managers" by Magnus Dahlquist and Markus Felix Ibert "Estimating Discount Functions with Consumption Choices over the Lifecycle" by David Laibson, Sean Chanwook Lee, Peter Maxted, Andrea Repetto, and Jeremy Tobacman
- [RAPS Forthcoming Paper](https://sfs.org/raps-forthcoming-paper-7/) - "Estimating Probability Weighting Functions through Option Pricing Bounds" by Tzu-Ying Chen, Yo-Lan Lin, and Larry Y. Tzeng
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-7/) - "Price elasticity of demand and risk-bearing capacity in sovereign bond auctions" by Rui Albuquerque, José Cardoso-Costa, and Jose Afonso Faias
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-7/) - "The Systemic Governance Influence of Expectation Documents: Evidence from a Universal Owner" by Ruth Aguilera, Vicente J. Bermejo, Javier Capape, and Vicente Cunat
- [New RCFS Issue 13(1)](https://sfs.org/new-rcfs-issue-131/) - The February issue of RCFS has published! The Editor’s Choice paper is: “Do Nonfinancial Firms Use Financial Assets to Take Risk?" by Zhiyao Chen and Ran Duchin
- [New RFS Issue 37(2)](https://sfs.org/new-rfs-issue-372/) - The February issue of RFS has published! The Editor’s Choice paper is: “Exchange Rate Dynamics and Monetary Spillovers with Imperfect Financial Markets" by Özge Akinci and Albert Queralto
- [New RFS Issue 37(1)](https://sfs.org/new-rfs-issue-371/) - The January issue of RFS has published! The Editor’s Choice paper is: “The Impact of Restricting Labor Mobility on Corporate Investment and Entrepreneurship" by Jessica S. Jeffers
- [Program Committee for SFS Cavalcade](https://sfs.org/program-committee-for-sfs-cavalcade-3/) - Program committee members for SFS Cavalcade North America 2024 received their review assignments today. Please inform us by December 18 if you need reassignment. Reviews are due January 22, 2024.
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-6/) - "Local Financial Structure and the Pandemic’s Effect on the Distribution of Employment" by Ross Levine, Chen Lin, and Wensi Xie
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-5/) - "Shareholder-Creditor Conflict and the Resolution of Financial Distress" by Yongqiang Chu, Ha Diep-Nguyen, Jun Wang, Wei Wang, and Wenyu Wang
- [RFS Forthcoming Papers](https://sfs.org/rfs-forthcoming-paper-6/) - "The Co-holding Puzzle: New Evidence from Transaction-Level Data" by John Peter Gathergood and Arna Olafsson "Missing Financial Data" by Svetlana Bryzgalova, Sven Lerner, Martin Lettau, and Markus Pelger
- [RAPS Dual Submission Decisions](https://sfs.org/raps-dual-submission-decisions-2/) - The RAPS dual submission decisions for the Jackson Hole 2024 Conference have been sent. If you submitted your paper as a dual submission to RAPS and did not receive your decision email, please contact us.
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-5/) - "A Theory of the Term Structure of Interest Rates under Limited Household Risk Sharing" by Indrajit Mitra and Yu Xu
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthoming/) - "A Survey of Private Debt Funds" by Joern Block, Young Soo Jang, Steven N. Kaplan, and Anna Schulze
- [RFS Forthcoming Papers](https://sfs.org/rfs-forthcoming-papers-4/) - "Conflicts of Interest in Municipal Bond Advising and Underwriting" by Daniel G. Garrett "The Labor Market Effects of Loan Guarantee Programs" by Jean-Noel Barrot, Thorsten Martin, Julien Sauvagnat, and Boris Vallee
- [Submission Period Closed](https://sfs.org/submission-period-closed-3/) - The submission period for SFS Cavalcade North America 2024 is now closed.
- [Final Day to Submit](https://sfs.org/final-day-to-submit-3/) - Today is the final day to submit to SFS Cavalcade North America 2024! Please make sure to begin your submission with time to complete it before 11:59pm EST. To submit, please visit SFS Cavalcade North America.
- [Deadline Approaching: SFS Cavalcade North America](https://sfs.org/deadline-approaching-sfs-cavalcade-north-america/) - The deadline to submit to SFS Cavalcade North America 2024 is approaching! To submit, please visit SFS Cavalcade North America. The deadline for submissions is December 11, 2023. Dual Submission: The Cavalcade features optional dual submission with the Review of Asset Pricing Studies and the Review of Corporate Finance Studies. New this year: PhD grants We especially encourage PhD
- [RFS Forthcoming Papers](https://sfs.org/rfs-forthcoming-papers-3/) - "Size Discount and Size Penalty: Trading Costs in Bond Markets" by Gabor Pinter, Chaojun Wang, and Junyuan Zou "Digital Payments and Consumption: Evidence from the 2016 Demonetization in India" by Sumit Agarwal, Pulak Ghosh, Jing Li, and Tianyue Ruan "The Savings of Corporate Giants" by Olivier Darmouni and Lira Mota
- [RAPS Forthcoming Papers](https://sfs.org/raps-forthcoming-papers/) - "Price of Regulations: Regulatory Costs and the Cross-section of Stock Returns" by Baris Ince and Han Ozsoylev
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-4/) - "Which Subjective Expectations Explain Asset Prices?" by Ricardo De la O and Sean Myers
- [RAPS Forthcoming Paper](https://sfs.org/raps-forthcoming-paper-6/) - "Decomposing Uncertainty in Macro-Finance Term Structure Models" by Shuo Cao and Joseph P. Byrne
- [Dual Submission Decisions for NBER-RFS Big Data Conference](https://sfs.org/dual-submission-decisions-for-nber-rfs-big-data-conference/) - The dual submission decisions for the NBER-RFS Big Data and Securities Markets Conference have been sent. If you submitted your paper as a dual submission and did not receive your decision email, please contact us.
- [Submission Period Closed](https://sfs.org/submission-period-closed-2/) - The submission period for Registered Reports on “Politics and Corporate Power” is now closed for the 2024 RCFS Winter Conference.
- [Final Day to Submit](https://sfs.org/final-day-to-submit-2/) - Today is the final day to submit Registered Reports on “Politics and Corporate Power” to the 2024 RCFS Winter Conference. Please make sure to begin your submission with time to complete it before 11:59pm PST.
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-4/) - "Credit Risk Sharing and Credit Market Regulation" by Ajay Subramanian
- [RAPS Forthcoming Paper](https://sfs.org/raps-forthcoming-paper-5/) - "Trend Factor in China: The Role of Large Individual Trading" by Yang Liu, Guofu Zhou, and Yingzi Zhu
- [RFS Forthcoming Papers](https://sfs.org/rfs-forthcoming-papers-2/) - "Why did bank stocks crash during COVID-19?" by Viral Acharya, Robert F. Engle, Maximilian Jager, and Sascha Steffen "Missing Data in Asset Pricing Panels" by Joachim Freyberger, Bjoern Hoeppner, Andreas Neuhierl, and Michael Weber
- [Submission Period Closed](https://sfs.org/submission-period-closed/) - The submission period for papers is now closed for the 2024 RCFS Winter Conference. The submission deadline for Registered Reports on “Politics and Corporate Power” is December 1, 2023. See details.
- [Final Day to Submit](https://sfs.org/final-day-to-submit/) - Today is the final day to submit papers to the 2024 RCFS Winter Conference. Please make sure to begin your submission with time to complete it before 11:59pm PST. The submission deadline for Registered Reports on “Politics and Corporate Power” is December 1, 2023. See details.
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-3/) - "Competition and Certification: Evidence from the Audit Market" by Heng Geng, Cheng Zhang, and Frank Zhou
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper-3/) - "Holding Period Effects in Dividend Strip Returns" by Benjamin Golez and Jens Carsten Jackwerth
- [Submission Period Open for Cavalcade North America](https://sfs.org/submission-period-open-for-cavalcade-north-america-3/) - The submission period for SFS Cavalcade North America is now open. To submit, please visit SFS Cavalcade North America. The deadline for submissions is December 11, 2023. Dual Submission: The Cavalcade features optional dual submission with the Review of Asset Pricing Studies and the Review of Corporate Finance Studies. New this year: PhD grants We especially encourage PhD
- [RAPS New Issue: December 13(4)](https://sfs.org/raps-new-issue-december-134/) - The December issue of RAPS has published! The Editor’s Choice paper is: “Which Factors for Corporate Bond Returns?" by Thuy Duong Dang, Fabian Hollstein, and Marcel Prokopczuk
- [New RFS Issue 36(12)](https://sfs.org/new-rfs-issue-3612/) - The December issue of RFS has published! The Editor’s Choice paper is: “More Risk, More Information: How Passive Ownership Can Improve Informational Efficiency" by Adrian Buss and Savitar Sundaresan
- [RAPS Forthcoming Paper](https://sfs.org/raps-forthcoming-paper-4/) - "Loss Sharing in Central Clearinghouses: Winners and Losers" by Christian Kubitza, Loriana Pelizzon, and Mila Getmansky Sherman
- [RFS Forthcoming Papers](https://sfs.org/rfs-forthcoming-paper-2/) - "House Prices and Rents" by Eugene F. Fama and Kenneth R. French "The Impact of Crisis-Period Interest Rate Declines on Distressed Borrowers" by Stuart A. Gabriel and Chandler Lutz
- [Conference Announcement](https://sfs.org/conference-announcement/) - Call for Papers: Finance Theory Group: Bridging Theory and Empirical Research in Finance Deadline: February 1, 2024 Boston College, June 14-15, 2024 [This conference is unaffiliated with SFS. Unaffiliated conferences are posted as a professional courtesy. To include a conference, contact manager@sfs.org.]
- [RFS Forthcoming Papers](https://sfs.org/rfs-forthcoming-papers/) - "Can Human Capital Explain Income-based Disparities in Financial Services?" by Ruidi Huang, James S. Linck, Erik J. Mayer, and Christopher A. Parsons "Bond Price Fragility and the Structure of the Mutual Fund Industry" by Mariassunta Giannetti and Chotibhak Jotikasthira
- [RCFS Special Issue: Finance for the Greater Good](https://sfs.org/rcfs-special-issue-finance-for-the-greater-good/) - The November issue of RCFS 12(4) is a Special Issue! Special Issue: Finance for the Greater Good Andrew Ellul, Isil Erel, Camelia Kuhnen, and Robert Marquez, editors The Editor’s Choice: “Energy Transitions and Household Finance: Evidence from U.S. Coal Mining" by Ding Du and Stephen A. Karolyi
- [RFS Forthcoming Paper](https://sfs.org/rfs-forthcoming-paper/) - "Place your bets? The market consequences of investment research on Reddit’s Wallstreetbets" by Daniel Bradley, Jan Hanousek Jr, Russell Jame, and Zicheng Xiao
- [RAPS Dual Submission Decisions](https://sfs.org/raps-dual-submission-decisions/) - The RAPS dual submission decisions for the CUHK-RAPS Conference on Asset Pricing and Investment have been sent. If you submitted your paper as a dual submission to RAPS and did not receive your decision email, please contact us.
- [RCFS Forthcoming Papers](https://sfs.org/rcfs-forthcoming-papers/) - "Banks' Market Power, Access to Finance, and Leverage" by M. Cecilia Bustamante and Francesco D'Acunto "The Effects of House Prices and Home Equity Extraction on Career Outcomes" by Jacelly Cespedes, Zack Liu, and Carlos Rafael Parra
- [RCFS Special Issue](https://sfs.org/rcfs-special-issue/) - The upcoming issue of the Review of Corporate Finance Studies will be a Special Issue on "Finance for the Greater Good," edited by Andrew Ellul, Isil Erel, Camelia Kuhnen, and Robert Marquez. The papers in this issue are part of the RCFS Winter Conference Registered Reports initiative. You can learn more about the initiative in
- [New Issue: August 12(3)](https://sfs.org/new-issue-august-123/) - The August issue of RCFS has published! The Editor’s Choice paper is: "Do Managers Do Good with Other People’s Money?" by Ing-Haw Cheng, Harrison Hong, and Kelly Shue
- [New RFS Issue: 36(11)](https://sfs.org/new-rfs-issue-3611/) - The November issue of RFS has published! The Editor’s Choice paper is: “Financial Disruptions and the Organization of Innovation: Evidence from the Great Depression" by Tania Babina, Asaf Bernstein, and Filippo Mezzanotti
- [Associate Chair for SFS Cavalcade North America 2024](https://sfs.org/associate-chair-for-sfs-cavalcade-north-america-2024/) - We’re happy to announce that the Associate Chair for SFS Cavalcade North America 2024 will be Joshua D. Rauh (Stanford Graduate School of Business). Professor Rauh joins Chair Jules van Binsbergen (The Wharton School) and Vice Chair Laura Veldkamp (Columbia Business School).
- [Paper Spotlight: Do Managers Do Good with Other People’s Money?](https://sfs.org/paper-spotlight-do-managers-do-good-with-other-peoples-money/) - What drives the marginal dollar of “goodness” investment by managers: maximization of shareholder value or managerial agency conflicts? The CEOs backing the Business Roundtable’s “Statement on the Purpose of a Corporation that Serves All Americans” argue that Corporate Social Responsibility (CSR) should maximize shareholder value rather than be the outcome of agency conflicts. While it
- [New RFS Issue: 36(10)](https://sfs.org/new-rfs-issue-3610/) - The October issue of RFS has published! The Editor’s Choice paper is: “Financing Competitors: Shadow Banks’ Funding and Mortgage Market Competition" by Erica Xuewei Jiang
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper-2/) - "Activity shocks and corporate liquidity: the role of trade credit" by Benjamin Bureau, Anne Duquerroy, and Frédéric Vinas
- [RAPS Forthcoming Paper](https://sfs.org/raps-forthcoming-paper-3/) - "Is firm-level political risk priced in the equity option market?" by Thang Ho, Anastasios Kagkadis, and George Wang
- [Photos from SFS Cavalcade North America 2023](https://sfs.org/photos-from-sfs-cavalcade-north-america-2023/) - Photos of the award winners from SFS Cavalcade 2023 are posted on the conference website.
- [RAPS Forthcoming Paper](https://sfs.org/raps-forthcoming-paper-2/) - "Investors' Beliefs and Cryptocurrency Prices" by Matteo Benetton and Giovanni Compiani
- [Deadline Approaching: RCFS Winter Conference](https://sfs.org/deadline-approaching-rcfs-winter-conference-6/) - The deadline to submit papers to the 2024 RCFS Winter Conference is only a week away! The deadline is November 16, 2023.
- [Deadline Approaching: RCFS Winter Conference](https://sfs.org/deadline-approaching-rcfs-winter-conference-5/) - The deadline to submit proposals on “Corporate Market Power: Drivers and Financial Consequences” to the 2024 RCFS Winter Conference is only a week away! The deadline is December 1, 2023.
- [RAPS Forthcoming Paper](https://sfs.org/raps-forthcoming-paper/) - "Oil price exposure and the cross section of stock returns" by Jordan Moore and Mihail Velikov
- [SFS now on LinkedIn](https://sfs.org/sfs-now-on-linkedin/) - The SFS has created a LinkedIn page, which will cover news for the Society, our journals (Review of Financial Studies, Review of Asset Pricing Studies, and Review of Corporate Finance Studies), and the SFS Cavalcade conferences.
- [Conference on Market-Based Solutions for Reducing Wealth Inequality](https://sfs.org/conference-on-market-based-solutions-for-reducing-wealth-inequality/) - The Conference on Market-Based Solutions for Reducing Wealth Inequality is now accepting submissions. Please see the Call for Papers. The conference, which features optional dual submission to RCFS, will take place June 1-2, 2023, in Chapel Hill, NC. The RCFS sponsoring editor is Camelia Kuhnen. The submission deadline is February 21, 2023.
- [Editorial Team Update](https://sfs.org/editorial-team-update-3/) - RAPS is pleased to welcome Jules H. van Binsbergen as an Editor, beginning October 1. Jules is the Nippon Life Professor in Finance at the Wharton School of the University of Pennsylvania, as well as a research associate at NBER and a research fellow at the CEPR.
- [RCFS Forthcoming Paper](https://sfs.org/rcfs-forthcoming-paper/) - "Returns to Scale from Labor Specialization: Evidence from Asset Management Mergers" by Mancy Luo, Alberto Manconi, and David Schumacher
- [New Issue: August 36(8)](https://sfs.org/new-issue-august-368/) - The August issue of RFS has published! The Editor’s Choice paper is: “Dollar and Exports" by Valentina Bruno and Hyun Song Shin
- [New RFS Issue: 36(9)](https://sfs.org/new-rfs-issue-369/) - The September issue of RFS has published! The Editor’s Choice paper is: “How ETFs Amplify the Global Financial Cycle in Emerging Markets" by Nathan Converse, Eduardo Levy-Yeyati, and Tomas Williams
- [Editorial Team Change](https://sfs.org/editorial-team-change/) - Juhani Linnainmaa is stepping down from the editorial position at the Review of Financial Studies as of July 1st, 2023. He has taken on a position of Co-Director of Research at Kepos Capital (in addition to his appointment at Tuck School of Business, Dartmouth College). He’ll continue handling the papers that he was assigned at the Review of
- [Forthcoming Paper](https://sfs.org/forthcoming-paper-86/) - "Funding Contagion through Common Owners" by Borja Larrain, Giorgo Sertsios, and Francisco Urzua
- [RAPS New Issue: September 13(3)](https://sfs.org/raps-new-issue-september-133/) - The September issue of RAPS has published! The Editor’s Choice paper is: "Limits of Arbitrage and Primary Risk-Taking in Derivative Securities" by Meng Tian and Liuren Wu
- [New Editor Appointment](https://sfs.org/new-editor-appointment-6/) - RCFS is pleased to announce the appointment of Michelle Lowry as an Editor beginning October 1, 2023. Michelle is the TD Bank Professor of Finance at the LeBow School of Business at Drexel University. She has served as an associate editor at RFS and RCFS. Please join us in welcoming Michelle.
- [Impact Factor](https://sfs.org/impact-factor-6/) - We are pleased to share that RAPS has received an impact factor of 13.1 for 2022.
- [Impact Factor](https://sfs.org/impact-factor-5/) - We are pleased to share that RCFS has received an impact factor of 11.3 for 2022.
- [Impact Factor](https://sfs.org/impact-factor-4/) - We are pleased to share that the RFS impact factor for 2022 is 8.2, ranking 4 out of 111 in the SSCI Finance category and 14 out of 380 in the SSCI Economics category.
- [Conference on Market-Based Solutions for Reducing Wealth Inequality](https://sfs.org/conference-on-market-based-solutions-for-reducing-wealth-inequality-2/) - The Conference on Market-Based Solutions for Reducing Wealth Inequality will be held June 1-2 at the Rizzo Conference Center in Chapel Hill, North Carolina. Please see the conference website for more information. Those interested in attending should email Camelia Kuhnen for registration and accommodation information.
- [12th MoFiR Workshop on Banking Dual Submissions](https://sfs.org/12th-mofir-workshop-on-banking-dual-submissions/) - The dual submission decisions for the 12th MoFiR Workshop on Banking have been sent. If you did not receive your decision email, please contact us.
- [CSEF-RCFS Conference on Finance, Labor, and Inequality Dual Submissions](https://sfs.org/csef-rcfs-conference-on-finance-labor-and-inequality-dual-submissions/) - The dual submission decisions for the CSEF-RCFS Conference on Finance, Labor, and Inequality have been sent. If you did not receive your decision email, please contact us.
- [Forthcoming Paper](https://sfs.org/forthcoming-paper-85/) - “Solving Serial Acquirer Puzzles” by Antonio J. Macias, Raghavendra Rau, and Aris Stouraitis
- [Associate Editors](https://sfs.org/associate-editors-3/) - We thank the following Associate Editors, who have completed their terms: Tobias Berg Anna Cieslak Andra Ghent Arthur Korteweg Justin Murfin Giorgia Piacentino David Solomon And we welcome our incoming Associate Editors: Turan Bali (Georgetown University) Janet Gao (Georgetown University) Umit Gurun (University of Texas at Dallas) Elisabeth Kempf (Harvard Business School) Andrey Malenko (University of Michigan) Carolin Pflueger (University of
- [Forthcoming Papers](https://sfs.org/forthcoming-papers-13/) - “Banking Integration and Capital Misallocation: Evidence from China” by Naide Ye and Dongmin Kong “Determinants of the intensity of the bank-firm relationship: Evidence from Japan” by Yasuharu Aoki
- [New Issue: March 13(1)](https://sfs.org/new-issue-march-131/) - The March issue of RAPS has published! The Editor’s Choice paper is: "Investor Information Choice with Macro and Micro Information" by Paul Glasserman and Harry Mamaysky
- [Cavalcade Reviews Due Today](https://sfs.org/cavalcade-reviews-due-today/) - Attention Program Committee Members for SFS Cavalcade North America 2023: reviews are due today, January 23.
- [Annual Meeting](https://sfs.org/annual-meeting-9/) - The 2023 Society for Financial Studies Annual Meeting will take place at the 2023 SFS Cavalcade North America at the University of Texas at Austin in May 2023.
- [SFS Cavalcade North America 2023 Best Paper Awards](https://sfs.org/sfs-cavalcade-north-america-2023-best-paper-awards/) - Each year, the Cavalcade Chairs nominate a group of candidates, which are then voted on by a committee of session chairs. The winners are: Best Paper in Corporate Finance “Improving the Measurement of Tax Residence: Implications for Research on Corporate Taxation” Jean-Marie Meier and Jake Smith Prize: $1000 Best Paper in Asset Pricing “Return Expectations
- [SFS Council Changes](https://sfs.org/sfs-council-changes/) - We are pleased to share that Liyan Yang has been renewed for a second term. We are very grateful to Allaudeen Hameed, Karin Thorburn, and Paola Sapienza, who are retiring from the Council. Please join us in welcoming Carola Frydman (Kellogg School of Management), Jonathan M. Karpoff (Foster School of Business), and Alexandra Niessen-Ruenzi (University
- [SFS Cavalcade Asia-Pacific 2024](https://sfs.org/sfs-cavalcade-asia-pacific-2024/) - We’re pleased to announce that the Associate Chair for SFS Cavalcade Asia-Pacific 2024 will be Jun QJ Qian (Fudan University). Professor Qian joins Chair Jun Pan (Shanghai Jiao Tong University) and Vice Chair Chen Lin (University of Hong Kong).
- [Part-time RFS Advisory Editor Position Available](https://sfs.org/part-time-rfs-advisory-editor-position-available/) - An RFS advisory editor position is available for the next academic year; the start date is flexible. The position is a particularly good fit for finance/economics post-docs or late-stage PhD students. The primary task is to provide editorial support in the review process and requires about 10 hours per week with a minimum commitment for
- [New Issue: February 36(2)](https://sfs.org/new-issue-february-362/) - The February issue of RFS has published! The Editor’s Choice paper is: "The Value of Differing Points of View: Evidence from Financial Analysts’ Geographic Diversity" by William C. Gerken and Marcus O. Painter
- [New Issue: March 36(3)](https://sfs.org/new-issue-march-363/) - The March issue of RFS has published! The Editor’s Choice paper is: "Benchmarking Intensity" by Anna Pavlova and Taisiya Sikorskaya
- [New Issue: April 36(4)](https://sfs.org/new-issue-april-364/) - The April issue of RFS has published! The Editor’s Choice paper is: "Advising the Management: A Theory of Shareholder Engagement" by Ali Kakhbod, Uliana Loginova, Andrey Malenko, and Nadya Malenko
- [New Issue: May 36(5)](https://sfs.org/new-issue-may-365/) - The May issue of RFS has published! The Editor’s Choice paper is: "Do Investors Care about Impact?" by Florian Heeb, Julian F. Kölbel, Falko Paetzold, and Stefan Zeisberger
- [New Issue: June 36(6)](https://sfs.org/new-issue-june-366/) - The June issue of RFS has published! The Editor’s Choice paper is: "Regulatory Limits to Risk Management" by Ishita Sen
- [New Issue: July 36(7)](https://sfs.org/new-issue-july-367/) - The July issue of RFS has published! The Editor’s Choice paper is: "Climate Risk Disclosure and Institutional Investors" by Emirhan Ilhan, Philipp Krueger, Zacharias Sautner, and Laura T Starks
- [Winners of the RFS Awards](https://sfs.org/winners-of-the-rfs-awards-9/) - The winners of the annual RFS Awards were announced at SFS Cavalcade North America 2023. We are pleased to share the winners: Michael J. Brennan Best Paper Award "The Cross-Section of Bank Value" Mark Egan, Stefan Lewellen, and Adi Sunderam Prize: $10,000 Michael J. Brennan Best Paper Runner Up "Methodological Variation in Empirical Corporate Finance" Todd Mitton Prize: $5000
- [Editorial Team Changes](https://sfs.org/editorial-team-changes-8/) - We are very grateful to Lauren Cohen and Stefano Giglio, who are retiring as Editors. Lauren has been an Editor with RFS since 2017, and Stefano has been an Editor with RFS since 2020. We thank them for their service. We are pleased to share that Clemens Siam (University of Texas at Austin) and Anna
- [New Issue: February 12(1)](https://sfs.org/new-issue-february-121/) - The February issue of RCFS has published! The Editor’s Choice paper is: "Firm Finances and the Spread of COVID-19: Evidence from Nursing Homes" by Taylor A Begley and Daniel Weagley
- [Forthcoming Paper](https://sfs.org/forthcoming-paper-77/) - "Racial Concordance in the Market for Financial Advice" by Christopher P. Clifford, William C. Gerken, and Tian Qiu
- [RCFS Winter Conference](https://sfs.org/rcfs-winter-conference-2/) - The decisions for the RCFS Winter Conference 2023 have been sent. If you did not receive your decision email, please contact us. If you elected to choose the dual submission option, please note that you will hear from the RCFS's Executive Editor, Andrew Ellul, with a separate email in the coming weeks.
- [Call for Papers: CSEF-RCFS Conference on Finance, Labor, and Inequality](https://sfs.org/call-for-papers-csef-rcfs-conference-on-finance-labor-and-inequality-2/) - The CSEF-RCFS Conference on Finance, Labor, and Inequality is now accepting submissions. Please see the Call for Papers. The conference, which features a dual submission option with RCFS, will take place in Capri from June 19-20, 2023. The RCFS sponsoring editor is Andrew Ellul. The submission deadline is March 20, 2023.
- [RCFS Winter Conference Program](https://sfs.org/rcfs-winter-conference-program-3/) - The program for the RCFS Winter Conference is available on the conference website. The conference will take place February 17-19, 2023, at the Royal Sonesta Hotel in San Juan, Puerto Rico.
- [RCFS Winter Conference Dual Submissions](https://sfs.org/rcfs-winter-conference-dual-submissions/) - The dual submission decisions for the RCFS Winter Conference 2023 have been sent. If you did not receive your decision email, please contact us.
- [Forthcoming Paper](https://sfs.org/forthcoming-paper-79/) - "Greening the Swiss National Bank's Portfolio" by Rudiger Fahlenbrach and Eric Jondeau
- [Forthcoming Paper](https://sfs.org/forthcoming-paper-82/) - "Quasi-Insider Shareholder Activism: Corporate Governance at the Periphery of Control" by Jonathan B. Cohn, Mitch Towner, and Aazam Virani
- [New Issue: May 12(2)](https://sfs.org/new-issue-may-122/) - The May issue of RCFS has published! The Editor’s Choice paper is: "Clawback Provisions and Firm Risk" by Ilona Babenko, Benjamin Bennett, John M. Bizjak, Jeffrey L. Coles, and Jason J. Sandvik
- [Forthcoming Paper](https://sfs.org/forthcoming-paper-83/) - "ESG-Linked Compensation, CEO Skills, and Shareholders' Welfare" by Swarnodeep Homroy, Taylan Mavruk, and Van Diem Nguyen
- [SFS Cavalcade 2023 Dual Submissions](https://sfs.org/sfs-cavalcade-2023-dual-submissions-2/) - The RCFS dual submission decisions for SFS Cavalcade North America 2023 have been sent. If you submitted your paper as a dual submission to RCFS and did not receive your decision email, please contact us.
- [OFR Rising Scholars Conference on the Future of Financial Stability](https://sfs.org/ofr-rising-scholars-conference-on-the-future-of-financial-stability-2/) - The dual submission decisions for the OFR Rising Scholars Conference on the Future of Financial Stability have been sent. The program for the conference is available on the conference website. The conference will take place May 5, 2023, in Washington, DC.
- [Forthcoming Paper](https://sfs.org/forthcoming-paper-84/) - "Can Banks Save Mountains?" by David Haushalter, Joseph Henry, and Peter G. Iliev
- [Editorial Team Changes](https://sfs.org/editorial-team-changes-4-3/) - We are pleased to share that the following associate editors have been renewed for second terms: Heitor Almeida Jonathan Cohn Sudipto Dasgupta Elena Loutskina Andrey Malenko Paige Ouimet Giorgia Piacentino Adriano Rampini Martin Schmalz We are also so grateful to Camelia Kuhnen, who will be retiring from her role as Editor in October. Cami has
- [Forthcoming Paper](https://sfs.org/forthcoming-paper-78/) - "Do short sellers affect corporate innovation? Evidence from a policy experiment" by Jie He, Xiao Ren, and Xuan Tian
- [Forthcoming Paper](https://sfs.org/forthcoming-paper-80/) - "Creditor-Control Rights and the Nonsynchronicity of Global CDS Markets" by Iftekhar Hasan, Miriam Marra, Eliza Wu, and Gaiyan Zhang
- [Forthcoming Paper](https://sfs.org/forthcoming-paper-81/) - "Fintech, investor sophistication, and financial portfolio choices" by Leonardo Gambacorta, Romina Gambacorta, and Roxana Mihet
- [Holden Conference in Finance and Real Estate](https://sfs.org/holden-conference-in-finance-and-real-estate/) - The 2nd Annual Holden Conference in Finance and Real Estate is now accepting submissions. Please see the Call for Papers. The conference, which features a dual submission option with RCFS, will be held September 28-30, 2023, at the Kelley School of Business, Indiana University, in Bloomington. The RCFS sponsoring editor is Andrew Ellul. The submission
- [Winners of the RCFS Awards](https://sfs.org/winners-of-the-rcfs-awards-9/) - The winners of the annual RCFS Awards were announced at SFS Cavalcade North America 2023. We are pleased to share the winners: Best Paper Award "Does Homeownership Reduce Wealth Disparities for Low-Income and Minority Households?" Ashleigh Eldemire, Kimberly F. Luchtenberg, and Matthew M. Wynter Prize: $10,000 Referee of the Year Elena Loutskina Prize: $1000 Best Registered Report
- [Forthcoming Paper](https://sfs.org/forthcoming-paper-65/) - "Stochastic Interest Rates, Heterogeneous Valuations, and the Volatility-Volume Relation with Search Frictions" by Sheen Liu, Junbo Wang, and Chunchi Wu "Product market competition, labor mobility, and the cross-section of stock returns" by Shamim Ahmed, Ziwen Bu, and Xiaoxia Ye
- [Forthcoming Paper](https://sfs.org/forthcoming-paper-66/) - "Which Factors for Corporate Bond Returns?" by Thuy Duong Dang, Fabian Hollstein, and Marcel Prokopczuk
- [Forthcoming Paper](https://sfs.org/forthcoming-paper-69-2/) - "Mutual fund proliferation and entry deterrence" by Sebastien Betermier, David Schumacher, and Ali Shahrad
- [Forthcoming Papers](https://sfs.org/forthcoming-papers-9-3/) - "Never a Dull Moment: Entropy Risk in Commodity Markets" by Fousseni Damien Chabi-Yo, Hitesh Doshi, and Virgilio Zurita
- [Forthcoming Paper](https://sfs.org/forthcoming-paper-70-2/) - "Short Interest and Aggregate Stock Returns: International Evidence" by Arseny Gorbenko
- [Forthcoming Paper](https://sfs.org/forthcoming-paper-71-2/) - "Factor Timing with Portfolio Characteristics" by Anastasios Kagkadis, Ingmar Nolte, Sandra Nolte, and Nikolaos Vasilas
- [New Issue: June 13(2)](https://sfs.org/new-issue-june-132/) - The June issue of RAPS has published! The Editor’s Choice paper is: "Safe Asset Carry Trade" by Benedikt Ballensiefen and Angelo Ranaldo
- [Forthcoming Paper](https://sfs.org/forthcoming-paper-72-2/) - "Unconventional monetary policies and the yield curve: Estimating non-affine term structure models with unspanned macro risk by factor extraction" by Adam Golinski and Peter Spencer
- [Editorial Team Changes](https://sfs.org/editorial-team-changes-6-3/) - We are very grateful to Clemens Sialm, who is retiring as an Editor of RAPS. Clemens also previously served as an Associate Editor for RAPS. We wish him all the best in his new role as an Editor at the Review of Financial Studies! We also thank Dimitri Vayanos, who is retiring as an Associate
- [Forthcoming Paper](https://sfs.org/forthcoming-paper-73-2/) - "A New Value Strategy" by Baolian Wang
- [Forthcoming Paper](https://sfs.org/forthcoming-paper-67/) - "Limits of Arbitrage and Primary Risk Taking in Derivative Securities" by Meng Tian and Liuren Wu
- [Forthcoming Papers](https://sfs.org/forthcoming-paper-68-3/) - "Idiosyncratic Volatility, Growth Options, and the Cross-Section of Returns" by Alexander Barinov and Georgy Chabakauri "Investor Demand for Leverage: Evidence from Equity Closed-End Funds" by Robert Dam, Shaun William Davies, and S. Katie Moon
- [SFS Cavalcade 2023 Dual Submissions](https://sfs.org/sfs-cavalcade-2023-dual-submissions/) - The RAPS dual submission decisions for SFS Cavalcade North America 2023 have been sent. If you submitted your paper as a dual submission to RAPS and did not receive your decision email, please contact us.
- [Winners of the RAPS Awards](https://sfs.org/winners-of-the-raps-awards-7/) - The winners of the annual RAPS Awards were announced at SFS Cavalcade North America 2023. We are pleased to share the winners: Best Paper Award "Inventory-Constrained Underwriters and Corporate Bond Offerings" Florian Nagler and Giorgio Ottonello Prize: $10,000 Referee of the Year Yukun Liu Prize: $1000 Rising Scholar Award "What Drives the Size and Value Factors?" Jiacui Li Prize:
- [Tail Risk is Not Crash Risk…or Is It?](https://sfs.org/tail-risk-is-not-crash-riskor-is-it/) - [This is the second of a new series of editorials by Executive Editor Andrew Karolyi at the Review of Financial Studies featuring forthcoming or recent papers at the journal. This editorial features “Tail Risk and Asset Prices,” by Chicago-Booth’s Bryan Kelly and Michigan State University’s Hao Jiang, lead article in Issue 27(10). It was selected as
- [Introducing the New RCFS Editor Andrew Ellul](https://sfs.org/announcing-the-new-rcfs-editor-andrew-ellul/) - We are very pleased to announce that Andrew Ellul has agreed to serve as the next Executive Editor of RCFS. His term will begin July 1, 2018. Previously Andrew was Associate Editor and Editor of the Review of Finance. Andrew is Professor of Finance and Fred T. Greene Chair in Finance at Indiana University's Kelley School of
- [Happy New Year!](https://sfs.org/happy-new-year/) - Happy New Year from all of us at the Society for Financial Studies, The Review of Asset Pricing Studies, The Review of Corporate Finance Studies, and The Review of Financial Studies.
- [New Paper Examines Speeds for Top Finance Journals](https://sfs.org/new-paper-examines-speeds-for-top-finance-journals/) - A new working paper titled “Do Acceptance and Publication Times Differ Across Finance Journals?” by Craig Holden examines the time that eventually-published articles take from first-round submission to final-round acceptance for the top-20 finance journals and top-tier business journals. He finds that the two fastest finance journals are the Review of Corporate Finance Studies and the
- [Submission Period Approaching for SFS Cavalcade North America 2017](https://sfs.org/submission-period-approaching-for-sfs-cavalcade-north-america-2017/) - The SFS Cavalcade North America 2017 submission period will begin November 9 and end December 7. For more, visit SFS Cavalcade North America 2017. Dual Submission: The Cavalcade features dual submission with The Review of Asset Pricing Studies and The Review of Corporate Finance Studies. Reminder for doctoral students: For papers in which ALL co-authors are
- [Submission Period for Cavalcade North America 2017 is Now Open!](https://sfs.org/submission-period-for-cavalcade-north-america-2017-is-now-open/) - The SFS Cavalcade North America 2017 submission period is now open. To submit, please visit Cavalcade North America 2017. The deadline for submissions is December 7, 2016. Dual Submission: The Cavalcade features dual submission with The Review of Asset Pricing Studies and The Review of Corporate Finance Studies. Details are available at Cavalcade North America 2017. Reminder for
- [2016 Impact Factor](https://sfs.org/2016-impact-factor/) - The 2016 Impact Factors have been released and we are pleased to report that RFS’s Impact Factor increased to 3.689.
- [New Editor Appointment](https://sfs.org/new-editor-appointment-3/) - RFS is pleased to announce the appointment of Lauren Cohen as an Editor of the Review, beginning July 17, 2017. Lauren is the L.E. Simmons Professor in the Finance Unit at Harvard Business School and a Research Associate at the National Bureau of Economic Research. He previously served as an Associate Editor for the Review from 2009-2012. Please join
- [Registration is Now Open for SFS Cavalcade North America 2018](https://sfs.org/registration-is-now-open-for-sfs-cavalcade-north-america-2018/) - You may register for SFS Cavalcade North America 2018 on the conference web site. The conference will take place May 21-24, at Yale University in New Haven, Connecticut. Early registration will be $100 for members and $140 for nonmembers. Beginning April 8, the registration rate will increase to $125 for members and $165 for nonmembers. The
- [Program for SFS Cavalcade North America 2018](https://sfs.org/program-for-sfs-cavalcade-north-america-2018/) - The program for SFS Cavalcade North America 2018 is now available on the conference web site.
- [Submission Fees for Dual Submission Papers](https://sfs.org/submission-fees-for-dual-submission-papers/) - Please be advised of our new policy regarding dual submission papers. If your dual submission paper is invited to continue the submission process with the journal, the submission fee will be waived for the first round of submission to the journal. If there are subsequent rounds of submission, the standard submission fee will be required.
- [Citation Impact Factor and Ranking for RFS](https://sfs.org/citation-impact-factor-and-ranking-for-rfs/) - We are pleased to share that the RFS impact factor has risen to 4.975 for 2018. This is an increase from 4.270 in 2017. RFS's ranking in ISI’s Business Finance category has also risen. RFS is now ranked #2, which is an increase from #4 in 2017.
- [Highly-Cited RFS Papers](https://sfs.org/highly-cited-rfs-papers/) - RFS's publisher, Oxford University Press, has curated an online collection of highly-cited articles. This collection has free online access for a limited time.
- [Editorial Team Changes](https://sfs.org/editorial-team-changes-3/) - RFS extends our gratitude to retiring editor Wei Jiang, who is completing her term at the end of the month. Wei has been an editor with RFS since 2017 and previously served as an associate editor. We are pleased to announce that Tarun Ramadorai will be joining RFS as an editor. Tarun is a professor
- [Part-time RFS Advisory Editor Position](https://sfs.org/part-time-rfs-advisory-editor-position-2/) - UPDATED April 20, 2020: The position has been filled. A part-time RFS advisory editor position is available for the next academic year, beginning in August 2020. We’re looking for an advanced finance or economics PhD student or a recent post-doc to provide editorial support in the review process. The position requires about 10 hours per week and a minimum
- [FinTech & Innovation Collection](https://sfs.org/fintech-innovation-collection/) - The SFS presents our FinTech & Innovation Collection, featuring papers from RAPS, RCFS, and RFS. The featured papers are free to read on Oxford University Press's web site.
- [Webinar: An Evaluation of the Fed-Treasury Credit Programs](https://sfs.org/webinar-an-evaluation-of-the-fed-treasury-credit-programs/) - On Monday, May 11 at 12:30 PM EST, Jeremy Stein will join a webinar, co-hosted by the Princeton Bendheim Center for Finance and the Society for Financial Studies, on the COVID-19 credit programs recently implemented by the Federal Reserve and the U.S. Treasury. Stein is a Professor of Economics at Harvard University and a former
- [Stefano Giglio Joining the RFS Team](https://sfs.org/stefano-giglio-joining-the-rfs-team/) - We are pleased to announce that Stefano Giglio will be joining RFS as an editor. Stefano is a professor of finance at the Yale School of Management, an NBER Research Associate, and a CEPR Research Affiliate, and previously served as an associate editor of RFS. His first day will be July 1.
- [Gregor Matvos Joining the RFS Team](https://sfs.org/gregor-matvos-joining-the-rfs-team/) - We are pleased to announce that Gregor Matvos will be joining RFS as an editor. Gregor is a Howard Berolzheimer Chair in Finance at the Kellogg School of Management at Northwestern University and a Research Associate in the Corporate Finance group at NBER. His first day will be July 1.
- [NBER-RFS Inequality, Discrimination, and the Financial System Virtual Conference](https://sfs.org/10604-2/) - The Call for Papers for the NBER-RFS Inequality, Discrimination, and the Financial System Virtual Conference is now available. The conference, which features a dual submission option with RFS, will take place online April 1-2, 2021. The RFS sponsoring editors are Gregor Matvos, Manju Puri, and Tarun Ramadorai. The submission deadline is January 24, 2021. For
- [Now Hiring: Data Collection Assistant](https://sfs.org/now-hiring-data-collection-assistant/) - UPDATED NOVEMBER 16, 2020: The position has been filled. The Society of Financial Studies has an opening for a data collection assistant. This is a virtual position, which provides the flexibility to work where you wish. The typical workload is approximately 10 hours per week. Some familiarity with finance journals and papers is preferred. This
- [Position Filled: Part-Time Data Collection Assistant](https://sfs.org/position-filled-part-time-data-collection-assistant/) - The position of Part-Time Data Collection Assistant has been filled. Thank you to everyone who submitted a resume.
- [Review Article: Perspectives on the Future of Asset Pricing](https://sfs.org/review-article-perspectives-on-the-future-of-asset-pricing/) - In collaboration with our publisher, Oxford University Press, we have made our new Review Article free to read online. Read the introduction by Executive Editor Itay Goldstein and the Review Article, "Perspectives on the Future of Asset Pricing," by Markus Brunnermeier, Emmanuel Farhi, Ralph S. J. Koijen, Arvind Krishnamurthy, Sydney C. Ludvigson, Hanno Lustig, Stefan
- [Advisory Editor](https://sfs.org/advisory-editor-4/) - We are pleased to welcome Tengfei Zhang to the advisory editor team. We thank Xin Fan for her service in the advisory editor role.
- [Submission Period Open for Cavalcade North America](https://sfs.org/submission-period-open-for-cavalcade-north-america/) - The submission period for SFS Cavalcade North America 2022 is now open. To submit, please visit SFS Cavalcade North America 2022. The deadline for submissions is December 13, 2021. Dual Submission: The Cavalcade features a dual submission option with the Review of Asset Pricing Studies and the Review of Corporate Finance Studies. Reminder for doctoral students: For papers
- [Special Issue: New Perspectives on Insurance ](https://sfs.org/special-issue-new-perspectives-on-insurance/) - Special Issue: New Perspectives on Insurance Editor: Ralph S. J. Koijen RFS December 35(12) Editor’s Choice: Trust and Insurance Contracts by Nicola Gennaioli, Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer Introduction: New Perspectives on Insurance by Ralph S. J. Koijen, Motohiro Yogo
- [Editor’s Choice: December](https://sfs.org/editors-choice-december-3/) - The Editor’s Choice article for December 2014 (issue 27/12) is “No News Is News: Do Markets Underreact to Nothing?" by Stefano Giglio and Kelly Shue. You can read the article free online here.
- [24th Mitsui Finance Symposium: Financial Intermediaries and Markets](https://sfs.org/24th-mitsui-finance-symposium-financial-intermediaries-and-markets/) - The 24th Mitsui Finance Symposium: Financial Intermediaries and Markets will feature a dual submission option with RFS. The RFS sponsoring editor is Stefan Nagel. The deadline for submissions is January 31, 2015. The conference will take place May 29-31, 2015. The Call for Papers may be viewed here.
- [Submission Period is Now Open for Cavalcade 2015](https://sfs.org/submission-period-is-now-open-for-cavalcade-2015-3/) - The Cavalcade 2015 submission period is now open. To submit, please visit Cavalcade 2015. The deadline for submissions is midnight PST December 8, 2014. Reminder for doctoral students: For papers in which ALL co-authors are doctoral students, the submission fee is waived.
- [Laura Starks in The National Law Review](https://sfs.org/laura-starks-in-the-national-law-review-2/) - SFS Vice President and former RFS Editor Laura Starks was featured in a Q&A for The National Law Review on the topic of investor activism. You can read the article at "Perspectives on investor activism."
- [RFS Authors Featured on OUP Blog](https://sfs.org/rfs-authors-featured-on-oup-blog-2/) - Authors Chen Xue, Kewei Hou, and Lu Zhang are featured on the Oxford University Press blog in a post titled, "A new benchmark model for estimating expected stock returns," based on their paper, "Digesting Anomalies: An Investment Approach," which is forthcoming in RFS. To accompany the post, we've made the paper free to read online! Check out the
- [Itay Goldstein in The Financial Times](https://sfs.org/itay-goldstein-in-the-financial-times/) - RFS Editor Itay Goldstein is mentioned in a recent article in The Financial Times. You can read the article at "Why a house-price bubble means trouble."
- [Cavalcade 2015 Submission Deadline Approaching](https://sfs.org/cavalcade-2015-submission-deadline-approaching-3/) - There is only one week left to submit your paper to Cavalcade 2015! The deadline for submissions is midnight PST December 8, 2014. To submit, visit Cavalcade 2015.
- [Editor’s Choice: January](https://sfs.org/editors-choice-january/) - The Editor’s Choice article for January 2015 (issue 28/1) is “The Sum of All FEARS Investor Sentiment and Asset Prices” by Zhi Da, Joseph Engelberg, and Pengjie Gao. You can read the article free online here.
- [LaTeX Programmer](https://sfs.org/latex-programmer/) - We're looking to hire an experienced LaTeX programmer to help with our style files. If you are interested or know someone who is, please have them contact Jaclyn Einstein.
- [17th Annual Texas Finance Festival](https://sfs.org/17th-annual-texas-finance-festival/) - The 17th Annual Texas Finance Festival will feature a dual submission option with RFS. The RFS sponsoring editor is Itay Goldstein. The deadline for paper submissions is January 15, 2015. The conference will take place April 23-25, 2015. The Call for Papers may be viewed here.
- [Miami Behavioral Finance Conference Dual Submissions with RFS](https://sfs.org/miami-behavioral-finance-conference-dual-submissions-with-rfs/) - If you requested dual submission with RFS for your submission to the 2014 Miami Behavioral Finance Conference, you should have received a decision email on November 11. If you have not received your decision email, please contact Jaclyn Einstein.
- [Editor's Choice: February](https://sfs.org/editors-choice-february/) - The Editor’s Choice article for February 2015 (issue 28/2) is “Strategic Investment and Industry Risk Dynamics” by M. Cecilia Bustamante. You can read the article free online here.
- [Conference on Entrepreneurial Finance and Innovation Around the World](https://sfs.org/entrepreneurial-finance-and-innovation-around-the-world/) - The Conference on Entrepreneurial Finance and Innovation Around the World will feature a dual submission option with RFS. The RFS sponsoring editor is Andrew Karolyi. The deadline for paper submission is March 1, 2015. The conference will take place June 27-28, 2015. The Call for Papers may be viewed here.
- [Submission Deadline Approaching for Fourth Symposium on Emerging Financial Markets: China and Beyond](https://sfs.org/submission-deadline-approaching-for-fourth-symposium-on-emerging-financial-markets-china-and-beyond/) - The submission deadline for the Fourth Symposium for Emerging Financial Markets: China and Beyond is January 31, 2015. For more information, visit the Call for Papers.
- [New Guide: Best Practices](https://sfs.org/new-best-practices-page/) - We've made an addition to the RFS web site by adding a Best Practices page, which includes helpful guides for professional best practices. We see this guide as a living document that will be updated with new editorials, articles, and presentations whenever appropriate. For more, visit Best Practices.
- [Executive Editor Blog: Wherefore Art Thou (Corporate) Peer?](https://sfs.org/executive-editor-blog-wherefore-art-thou-corporate-peer/) - A new installment of Andrew Karolyi’s Executive Editor blog is now available. This month's feature, "Wherefore Art Thou (Corporate) Peer?" examines “Strategic Investment and Industry Risk Dynamics” by M. Cecilia Bustamante. Visit the RFS Executive Editor Blog to read the post.
- [Forthcoming Book by Andrew Karolyi](https://sfs.org/forthcoming-book-by-andrew-karolyi-2/) - Congratulations to RFS Executive Editor Andrew Karolyi on the publication of his book, "Cracking the Emerging Markets Enigma." The book will be available in May. For more, visit the publisher's web site here.
- [Registration is Now Open for Cavalcade 2015](https://sfs.org/registration-is-now-open-for-cavalcade-2015-3/) - You can now register online for the 2015 SFS Finance Cavalcade, which will take place May 17-20, 2015, at the Scheller College of Business at Georgia Tech. Early registration will be $100 for members and $140 for nonmembers. Beginning April 1, the registration rate will increase to $125 for members and $165 for nonmembers. The registration fee will be waived
- [Cavalcade 2015 Program Now Available](https://sfs.org/cavalcade-2015-program-now-available-3/) - The program for Cavalcade 2015 is now available. Check it out on the Cavalcade 2015 web site!
- [Final Week for Early Registration](https://sfs.org/final-week-for-early-registration-4/) - Register for the Cavalcade by March 31 to pay the early registration fee of $100 for SFS members or $140 for nonmembers. Registration fees increase on April 1! Register online at Cavalcade 2015.
- [Research Affiliates and the RFS](https://sfs.org/research-affiliates-and-the-rfs/) - The Review of Financial Studies is pleased to announce the continued support of Research Affiliates for the Michael J. Brennan Best Paper Award and the Rising Researcher Prize. We are grateful to Research Affiliates for their continued support. The awards will be presented at Cavalcade 2015. To see past award winners, visit RFS Awards.
- [Cornerstone Research and the RFS](https://sfs.org/cornerstone-research-and-the-rfs/) - We are pleased to announce that Cornerstone Research has pledged to continue their support for the Referee of the Year and Distinguished Referee Awards for 2015. The Review of Financial Studies is grateful to Cornerstone Research, who have been supporting these awards since 2010. The awards will be presented at Cavalcade 2015. To see past award winners, visit RFS Awards.
- [Upcoming Keynote Speech](https://sfs.org/upcoming-keynote-speech/) - RFS Editor Itay Goldstein will be the keynote speaker at the conference on The Intended and Unintended Consequences of Financial Reform hosted jointly by the Center for Financial Policy at the Robert H. Smith School of Business at the University of Maryland and The Clearing House. The conference will be held May 11, 2015. For more, click here.
- [Upcoming Keynote Speech](https://sfs.org/upcoming-keynote-speech-2/) - RFS Executive Editor Andrew Karolyi will be the keynote speaker at the Conference on Culture and Finance at Wake Forest University on April 16, 2015. For more, visit the conference web site.
- ["Cracking the Emerging Markets Enigma" Official Launch Date](https://sfs.org/cracking-the-emerging-markets-enigma-official-launch-date/) - Executive Editor Andrew Karolyi's new book, "Cracking the Emerging Markets Enigma," will launch May 15, 2015, at a special event at the Brookings Institution in Washington, DC. For more, visit www.emergingmarketsenigma.com.
- [2015 Wharton Conference on Liquidity and Financial Crises](https://sfs.org/2015-wharton-conference-on-liquidity-and-financial-crises/) - The 2015 Wharton Conference on Liquidity and Financial Crises will feature a dual submission option with RFS. The RFS sponsoring editor is Itay Goldstein. The deadline for paper submission is June 15, 2015. The conference will take place October 9-10, 2015. The Call for Papers may be viewed here.
- [Editor’s Choice: May & June](https://sfs.org/editors-choice-june-3/) - The Editor’s Choice article for May 2015 (issue 28/5) is “New Evidence on the Financialization of Commodity Markets” by Brian J. Henderson, Neil D. Pearson, and Li Wang. You can read the article free online here. The Editor’s Choice article for June 2015 (issue 28/6) is “Capital Account Opening and Wage Inequality" by Mauricio Larrain. You can read the article free online here.
- [Editor's Choice: April](https://sfs.org/editors-choice-april/) - The Editor’s Choice article for April 2015 (issue 28/4) is “Human Capital as an Asset Class Implications from a General Equilibrium Model" by Miguel Palacios. You can read the article free online here.
- [Executive Editor Blog: Non-Marketable Assets and Capital Market Equilibrium – Redux](https://sfs.org/executive-editor-blog-non-marketable-assets-and-capital-market-equilibrium-redux/) - A new installment of Andrew Karolyi’s Executive Editor blog is now available. This month’s feature, “Non-Marketable Assets and Capital Market Equilibrium – Redux” examines “Human Capital as an Asset Class Implications from a General Equilibrium Model” by Miguel Palacios. Visit the RFS Executive Editor Blog to read the post.
- [LaTeX Style Files Now Available](https://sfs.org/latex-style-files-now-available-2/) - We are happy to announce that our publisher has made LaTeX style files available to help authors format their papers according to RFS style. You can reach the files on our publisher's web site or on our web site under Accepted Papers. Please note: these files are for formatting your accepted paper. When submitting a paper,
- [Winners of the RFS Awards](https://sfs.org/winners-of-the-rfs-awards/) - The winners of the RFS Awards were announced at the Awards Reception on Tuesday, May 19, at the SFS Finance Cavalcade Conference. We are pleased to now share the winners: Distinguished Referee Award Zhi Da, Doron Levit, Andrey Malenko, Gregory Nini, Adi Sunderam, Sheri Tice, and Liyan Yang Michael J. Brennan Best Paper Award “High-Frequency Trading and Price Discovery” by Jonathan Brogaard, Terrence Hendershott, and Ryan
- [Itay Goldstein in Reuters](https://sfs.org/itay-goldstein-in-reuters/) - RFS Editor Itay Goldstein's reseach was featured in a recent Reuters piece, "Corporate bond funds + illiquidity = risk." Read the article online here.
- [Change to Submission Fees and Referee Payments](https://sfs.org/change-to-submission-fees-and-referee-payments-3/) - The fee for submitting to an SFS journal (RAPS, RCFS, or RFS) will be increasing on July 1, 2015. The new submission fee will be $240 for members and $300 for nonmembers. Accordingly, we'll also be increasing our referee payments. The new referee payment for an on-time report will be $200, beginning July 1.
- [Editor's Choice: July](https://sfs.org/editors-choice-july/) - The Editor’s Choice article for July 2015 (issue 28/7) is "Confusion of Confusions: A Test of the Disposition Effect and Momentum" by Justin Birru. You can read the article free online here.
- [Andrew Karolyi in Financial Times](https://sfs.org/andrew-karolyi-in-financial-times/) - RFS Executive Editor Andrew Karolyi's paper is featured on the Financial Times Alphaville blog in a post titled, "The mysterious decline in the number of US public companies." Read the blog post online here.
- [Associate Editor Changes](https://sfs.org/associate-editor-changes-3/) - Beginning today, July 1, RFS welcomes the following Associate Editors: Hui Chen, Todd Gormley, Zhiguo He, Gerard Hoberg, Victoria Ivashina, Dirk Jenter, Amiyatosh Purnanandam, and Paul Tetlock. We thank our retiring Associate Editors: Peter Christoffersen, Mariassunta Giannetti, Eitan Goldman, John Griffin, Wei Jiang, Simi Kedia, and Berk Sensoy.
- [Executive Editor Blog: Can We Always Invest Like Mr. Spock, and Not Homer Simpson?](https://sfs.org/executive-editor-blog-can-we-always-invest-like-mr-spock-and-not-homer-simpson/) - A new installment of Andrew Karolyi’s Executive Editor blog is now available. This month’s feature, “Can We Always Invest Like Mr. Spock, and Not Homer Simpson?” examines “Confusion of Confusions: A Test of the Disposition Effect and Momentum” by Justin Birru. Visit the RFS Executive Editor Blog to read the post.
- [Itay Goldstein in MarketWatch](https://sfs.org/itay-goldstein-in-marketwatch/) - RFS Editor Itay Goldstein’s research is referenced in a MarketWatch piece titled, "Fed says stress test models will stay a secret." Read the article online here.
- [Editor’s Choice: August](https://sfs.org/editors-choice-august/) - The Editor’s Choice article for August 2015 (issue 28/8) is “Shareholder Voting and Corporate Governance Around the World" by Peter Iliev, Karl V. Lins, Darius P. Miller, and Lukas Roth. You can read the article free online here.
- [Stefan Nagel in U.S. News & World Report](https://sfs.org/stefan-nagel-in-u-s-news-world-report/) - RFS Editor Stefan Nagel's research is referenced in U.S. News & World Report, in a piece titled, "What's the Future of Finance?" Read the article online here.
- [Robin Greenwood in BloombergView](https://sfs.org/robin-greenwood-in-bloombergview/) - RFS Editor Robin Greenwood's research is referenced in BloombergView, in a piece titled, “Why Economists Have Trouble With Bubbles.” Read the article online here.
- [Robin Greenwood in The Wall Street Journal](https://sfs.org/robin-greenwood-in-the-wall-street-journal/) - RFS Editor Robin Greenwood was interviewed for a piece in The Wall Street Journal titled, "Activist Investors Are Shaking Up Business Schools, Too." Read the article online here.
- [Andrew Karolyi in Reuters](https://sfs.org/andrew-karolyi-in-reuters/) - RFS Executive Editor Andrew Karolyi's research is featured in a Reuters column titled, “SAFT ON WEALTH-The vanishing public company.” Read the article online here.
- [Upcoming Keynote Speech](https://sfs.org/upcoming-keynote-speech-3/) - RFS Editor Itay Goldstein will be the keynote speaker at the fourth Oxford Financial Intermediation Theory Conference (OxFIT) on Wednesday, September 16, at the Saïd Business School, Oxford, United Kingdom. For more, visit the conference web site.
- [Editor’s Choice: September](https://sfs.org/editors-choice-september-4/) - The Editor’s Choice article for September 2015 (issue 28/9) is “Financing Constraints and the Amplification of Aggregate Downturns” by Daniel Carvalho. You can read the article free online here.
- [2015 Wharton Conference on Liquidity and Financial Crises: Program & Registration](https://sfs.org/2015-wharton-conference-on-liquidity-and-financial-crises-2/) - The program for the 2015 Wharton Conference on Liquidity and Financial Crises, which features a dual submission option with RFS, is now available online at http://whartonliquidity.org/about/registration/2015-program/ Registration is now open. If you want to participate, please register here: https://whartonfic.wufoo.com/forms/liquidity-and-financial-crisis-registration/ by September 22.
- [Editor’s Choice: October](https://sfs.org/editors-choice-october/) - The Editor’s Choice article for October 2015 (issue 28/10) is “The Real Effects of Hedge Fund Activism: Productivity, Asset Allocation, and Labor Outcomes” by Alon Brav, Wei Jiang, and Hyunseob Kim. You can read the article free online here.
- [Editor’s Choice: November](https://sfs.org/editors-choice-november/) - The Editor’s Choice article for November 2015 (issue 28/11) is "The Sovereign Wealth Fund Discount: Evidence from Public Equity Investments” by Bernardo Bortolotti, Veljko Fotak, and William L. Megginson. You can read the article free online here.
- [Editor’s Choice: March](https://sfs.org/editors-choice-march-5/) - The March 2015 issue of RFS (28/3) features two Editor's Choice papers: "Editorial: Cosmetic Surgery in the Academic Review Process" by David Hirshleifer and "Digesting Anomalies: An Investment Approach" by Kewei Hou, Chen Xue, and Lu Zhang. "Digesting Anomalies" is also featured in a corresponding post on the OUP Blog. You can read both papers for free online by clicking on
- [RFS Awards to be Announced May 19th](https://sfs.org/rfs-awards-to-be-announced-may-20th/) - We’ll be announcing the winners of this year’s RFS awards at the Awards Reception held on May 19th at Cavalcade 2015. The RFS Awards include the Michael J. Brennan Best Paper Award Winner & Runner Up, the Rising Scholar Award, the RFS Referee of the Year Award, and RFS Distinguished Referee Awards. To see winners from previous years, visit RFS Awards.
- [Editor’s Choice: December](https://sfs.org/editors-choice-december-2-2/) - The Editor’s Choice article for December 2015 (issue 28/12) is “Active Ownership” by Elroy Dimson, Oğuzhan Karakaş, and Xi Li. You can read the article free online here.
- [18th Annual Texas Finance Festival](https://sfs.org/18th-annual-texas-finance-festival/) - The 18th Annual Texas Finance Festival will feature a dual submission option with RFS. The RFS sponsoring editor is Itay Goldstein. The deadline for paper submission is January 15, 2016. The conference will take place April 28-30, 2016. The Call for Papers may be viewed here.
- [Upcoming Editor Change](https://sfs.org/upcoming-editor-change-2/) - The RFS congratulates Professor Stefan Nagel, who has been appointed as the new Editor of the Journal of Finance. We thank Professor Nagel for his service as a co-editor of the Review and we wish him the best in his new role. Professor Nagel will no longer be taking on new submissions beginning yesterday, December 1, 2015.
- [Editor’s Choice: January](https://sfs.org/editors-choice-january-2/) - The Editor’s Choice article for January 2016 (issue 29/1) is “… and the Cross-Section of Expected Returns” by Campbell R. Harvey, Yan Liu, and Heqing Zhu. You can read the article free online here.
- [Miami Behavioral Finance Conference Dual Submissions with RFS](https://sfs.org/miami-behavioral-finance-conference-dual-submissions-with-rfs-2/) - If you requested dual submission with RFS for your submission to the 2015 Miami Behavioral Finance Conference, you should have received a decision email on December 10. If you have not received your decision email, please contact Jaclyn Einstein.
- [Itay Goldstein in The Wall Street Journal](https://sfs.org/itay-goldstein-in-the-wall-street-journal/) - RFS Editor Itay Goldstein was interviewed by The Wall Street Journal for a piece titled, "Worried About Your High-Yield Bond Fund? Devise an Exit Strategy." Read the article online here.
- [RFS Authors Featured on OUP Blog](https://sfs.org/rfs-authors-featured-on-oup-blog-2-2/) - Authors Campbell R. Harvey, Yan Liu, and Heqing Zhu are featured on the Oxford University Press blog in a post titled, "Separating investment facts from flukes," based on their paper, "…and the Cross-Section of Expected Returns," which is in the January 2016 issue of RFS. To accompany the post, we’ve made the paper free to read online! Check
- [Editor’s Choice: February](https://sfs.org/editors-choice-february-2/) - The Editor’s Choice article for February 2016 (issue 29/2) is “Who Facilitated Misreporting in Securitized Loans?” by John M. Griffin and Gonzalo Maturana. You can read the article free online here.
- [Fifth Symposium on Emerging Financial Markets: China and Beyond](https://sfs.org/fifth-symposium-on-emerging-financial-markets-china-and-beyond/) - The Fifth Symposium on Emerging Financial Markets: China and Beyond will feature a dual submission option with RFS. The RFS sponsoring editor is Andrew Karolyi. The deadline for paper submission is February 15, 2016. The conference will take place May 25 & 26, 2016, in Hong Kong, China. The Call for Papers may be viewed here.
- [Executive Editor Blog: Understanding the Mechanics of Contagion in Financial Markets](https://sfs.org/executive-editor-blog-understanding-the-mechanics-of-contagion-in-financial-markets/) - A new installment of Andrew Karolyi’s Executive Editor blog is now available. This month’s feature, “Understanding the Mechanics of Contagion in Financial Markets” examines “Financing Constraints and the Amplification of Aggregate Downturns” by Daniel Carvalho. Visit the RFS Executive Editor Blog to read the post.
- [Executive Editor Blog: A New Look at the Financial Consequences of Economic Policy Uncertainty](https://sfs.org/executive-editor-blog-a-new-look-at-the-financial-consequences-of-economic-policy-uncertainty/) - A new installment of Andrew Karolyi’s Executive Editor blog is now available. This month’s feature, “A New Look at the Financial Consequences of Economic Policy Uncertainty” examines “Policy Uncertainty and Corporate Investment” by Huseyin Gulen and Mihai Ion. Visit the RFS Executive Editor Blog to read the post.
- [Editor’s Choice: March](https://sfs.org/editors-choice-march-2-2/) - The Editor’s Choice article for March 2016 (issue 29/3) is “Policy Uncertainty and Corporate Investment?” by Huseyin Gulen and Mihai Ion. You can read the article free online here.
- [Editor’s Choice: April](https://sfs.org/editors-choice-april-2/) - The Editor’s Choice article for April 2016 (issue 29/4) is “ Financial Attention” by Nachum Sicherman, George Loewenstein, Duane J. Seppi, and Stephen P. Utkus. You can read the article free online here.
- [Change to Mailing Address](https://sfs.org/change-to-mailing-address-3/) - Please note that the mailing address of the Society for Financial Studies and The Review of Financial Studies has changed. The new address is posted online at Contact Us.
- [Editor’s Choice: May](https://sfs.org/editors-choice-may/) - The Editor’s Choice article for May 2016 (issue 29/5) is “Rare Booms and Disasters in a Multisector Endowment Economy” by Jerry Tsai and Jessica A. Wachter. You can read the article free online here.
- [Robin Greenwood in the Chicago Tribune](https://sfs.org/robin-greenwood-in-the-chicago-tribune/) - RFS Editor Robin Greenwood's research was featured in the Chicago Tribune in a piece titled, “Those tiny fees make your financial adviser rich.” Read the article online here.
- [Cornerstone Research and the RFS](https://sfs.org/cornerstone-research-and-the-rfs-2/) - We are pleased to announce that Cornerstone Research has pledged to continue their support for the Referee of the Year and Distinguished Referee Awards for 2016. The Review of Financial Studies is grateful to Cornerstone Research, who have been supporting these awards since 2010. The awards will be presented at Cavalcade 2016. To see past award winners, visit RFS Awards.
- [Editor’s Choice: June](https://sfs.org/editors-choice-june-2-2/) - The Editor’s Choice article for June 2016 (issue 29/6) is “The Effect of Institutional Ownership on Payout Policy: Evidence from Index Thresholds” by Alan D. Crane, Sébastien Michenaud, and James P. Weston. You can read the article free online here.
- [Wharton Conference on Liquidity and Financial Crises](https://sfs.org/wharton-conference-on-liquidity-and-financial-crises/) - The Wharton Conference on Liquidity and Financial Crises will feature a dual submission option with RFS. The RFS sponsoring editor is Itay Goldstein. The deadline for paper submission is June 15, 2016. The conference will take place October 14-15, 2016, on the University of Pennsylvania campus in Philadelphia, PA. The Call for Papers may be viewed here.
- [Associate Editor Changes](https://sfs.org/associate-editor-changes-2-2/) - RFS welcomes the following Associate Editors: Bo Becker, Benjamin Keys, Tarun Ramadorai, Philipp Schnabl, Heather Tookes, Adrien Verdelhan, Jessica Wachter, Motohiro Yogo. We thank our retiring Associate Editors: Ruediger Fahlenbrach, Stuart Gillan, Jarrad Harford, Robert Hodrick, Mark Huson, Marcin Kacperczyk, Lars Lochstoer. All changes are effective July 1, 2016.
- [Winners of the RFS Awards](https://sfs.org/winners-of-the-rfs-awards-2/) - The winners of the RFS Awards were announced at the Awards Reception on Tuesday, May 17, at the SFS Finance Cavalcade Conference. We are pleased to now share the winners: Distinguished Referee Award Kenneth Ahern, Ing-Haw Cheng, Ran Duchin, Charles Hadlock, Victoria Ivashina, Justin Murfin, Alexi Savov, and Denis Sosyura Michael J. Brennan Best Paper Award “The Real Effects of Hedge Fund Activism: Productivity, Asset Allocation,
- [Editor Renewals](https://sfs.org/editor-renewal/) - David Denis and Itay Goldstein have been appointed to second terms as RFS editors.
- [Editor’s Choice: July](https://sfs.org/editors-choice-july-2/) - The Editor’s Choice article for July 2016 (issue 29/7) is “Loan Originations and Defaults in the Mortgage Crisis: The Role of the Middle Classs” by Manuel Adelino, Antoinette Schoar, and Felipe Severino. You can read the article free online here.
- [Executive Editor Blog: Ownership and Corporate Financial Policy: Separating Causation from Correlation](https://sfs.org/executive-editor-blog-ownership-and-corporate-financial-policy-separating-causation-from-correlation/) - A new installment of Andrew Karolyi’s Executive Editor blog is now available. This month’s feature, “Ownership and Corporate Financial Policy: Separating Causation from Correlation,” examines “The Effect of Institutional Ownership on Payout Policy: Evidence from Index Thresholds” by Alan Crane, James Weston, and Sébastien Michenaud. Visit the RFS Executive Editor Blog to read the post.
- [Photos from Cavalcade 2016](https://sfs.org/photos-from-cavalcade-2016-4/) - More photos from Cavalcade 2016 are now available online here!
- [New Editor Appointment](https://sfs.org/new-editor-appointment-2/) - The RFS is pleased to announce the appointment of Wei Jiang as an editor of the Review, beginning January 1, 2017. Wei is Professor of Free and Competitive Enterprise as well as Vice Dean for Curriculum and Instruction at Columbia Business School. She previously served as an Associate Editor for the Review as well as the SFS Cavalcade
- [Andrew Karolyi in Financial Times](https://sfs.org/andrew-karolyi-in-financial-times-2/) - RFS Executive Editor Andrew Karolyi is highlighted in the Financial Times in a piece titled, “Norway’s oil fund warns on lack of stock market listings.” Read the piece online here.
- [FinTech – A Call for Proposals](https://sfs.org/fintech-a-call-for-proposals/) - The RFS announces the creation of a novel two-stage editorial process designed to encourage researchers to engage in innovative research on the emerging topic of FinTech. The process is closely related to a “registered reports” format with a first-stage workshop to review accepted proposals and a second-stage conference to evaluation final papers. The RFS sponsoring
- [Upcoming Editor Change](https://sfs.org/upcoming-editor-change-3/) - The RFS would like to thank Professor Robin Greenwood, whose term as editor of the Review is ending January 31, 2017. We wish Robin all the best with his new endeavors.
- [In Memoriam: Rick Green](https://sfs.org/in-memoriam-rick-green-2/) - The RFS editorial team is saddened by the passing of former RFS Co-Editor Rick Green. We would like to share the sentiments expressed in the tribute that the SFS has written; the tribute may be viewed here. Rick served as an RFS Co-Editor from 1990-1994. He will be missed.
- [The Eleventh NYU Stern/ New York Fed Conference on Financial Intermediation](https://sfs.org/the-eleventh-nyu-stern-new-york-fed-conference-on-financial-intermediation/) - The Eleventh NYU Stern/ New York Fed Conference on Financial Intermediation will feature a dual submission option with RFS. The RFS sponsoring editor is Philip Strahan. The deadline for paper submission is January 8, 2016. The conference will take place May 6, 2016. The Call for Papers may be viewed here.
- [Upcoming Editor Change](https://sfs.org/upcoming-editor-change/) - The RFS would like to thank Professor Leonid Kogan, whose term as editor of the Review is ending December 31, 2015. We wish Leonid all the best with his new endeavors.
- [New Editor Appointment](https://sfs.org/new-editor-appointment/) - The RFS is pleased to announce the appointment of Stijn van Nieuwerburgh as an editor of the Review, beginning January 1, 2016. Stijn is Professor of Finance, Yamaichi Faculty Fellow, and Director of the Stern Center for Real Estate Finance Research at the Stern School of Business at NYU. Please join us in welcoming Stijn
- [Special Section: Meta-Analysis of Market Anomalies](https://sfs.org/special-section-meta-analysis-of-market-anomalies/) - The January issue of RFS, 29(1), contains a special section on meta-analysis of market anomalies. The section features: "… and the Cross-Section of Expected Returns" by Campbell R. Harvey, Yan Liu, and Heqing Zhu "Dissecting Anomalies with a Five-Factor Model" by Eugene F. Fama and Kenneth R. French "A Taxonomy of Anomalies and Their Trading Costs" by Robert Novy-Marx
- [Andrew Karolyi in The Financial Times](https://sfs.org/andrew-karolyi-in-the-financial-times/) - RFS Executive Editor Andrew Karolyi's working paper, "The US Listing Gap," co-authored with Craig Doidge and René Stulz, was featured in The Financial Times in a piece titled, "IPO market decrepit as going public loses its allure." Read the article online here.
- [Itay Goldstein in the Financial Times](https://sfs.org/itay-goldstein-in-the-financial-times-2/) - RFS Editor Itay Goldstein is quoted in the Financial Times in a piece titled, “US banks to dish out $96bn after 31 pass stress tests.” Read the article online here.
- [RFS Article Featured in Forbes](https://sfs.org/rfs-article-featured-in-forbes/) - A paper published in RFS issue 29(3), "The Fetal Origins Hypothesis in Finance: Prenatal Environment, the Gender Gap, and Investor Behavior," by Henrik Cronqvist, Alessandro Previtero, Stephan Siegel, and Roderick E. White, was featured in Forbes in a piece titled, "Stunning Discovery: Prebirth Experiences May Influence Our Financial Decisions." Read the article online here.
- [Robin Greenwood in Reuters](https://sfs.org/robin-greenwood-in-reuters/) - RFS Editor Robin Greenwood's paper is featured in Reuters in a piece titled, "Fed should keep trillions in bonds to provide stability: paper." Read the article online here.
- [Executive Editor Blog: Trust, But Verify…in Venture Capital](https://sfs.org/executive-editor-blog-trust-but-verifyin-venture-capital/) - A new installment of Andrew Karolyi’s Executive Editor blog is now available. This month’s feature, “Trust, But Verify…in Venture Capital,” examines “The Importance of Trust for Investment: Evidence from Venture Capital” by Laura Bottazzi, Marco Da Rin, and Thomas Hellmann. Visit the RFS Executive Editor Blog to read the post.
- [Stijn Van Nieuwerburgh has won the Bernacer Prize](https://sfs.org/stijn-van-nieuwerburgh-has-won-the-bernacer-prize/) - RFS Editor Stijn Van Nieuwerburgh has won the Bernacer Prize! The Bernacer Prize is awarded annually to a European economist under 40. Stijn received the award for his research on the transmission of shocks in the housing market on the macro-economy and the prices of financial assets. Congratulations Stijn!
- [2017 Conference on Banks, Systemic Risk, Measurement and Mitigation](https://sfs.org/2017-conference-on-banks-systemic-risk-measurement-and-mitigation/) - The 2017 Conference on Banks, Systemic Risk, Measurement and Mitigation will feature a dual submission option with RFS. The RFS sponsoring editor is Francesca Cornelli. The deadline for paper submission is November 30, 2016. The conference will take place March 16-18, 2017 at Sapienza University in Rome, Italy. The Call for Papers may be viewed here.
- [19th Annual Texas Finance Festival](https://sfs.org/19th-annual-texas-finance-festival/) - The 19th Annual Texas Finance Festival will feature a dual submission option with RFS. The RFS sponsoring editors are Itay Goldstein and Stijn Van Nieuwerburgh. The deadline for paper submissions is January 15, 2017. The conference will take place April 20-22, 2017. The Call for Papers may be viewed here.
- [Climate Finance – A Call for Proposals](https://sfs.org/climate-finance-a-call-for-proposals/) - The RFS announces the creation of a novel two-stage editorial process designed to encourage researchers to engage in innovative research on the emerging topic of Climate Finance. The process is closely related to a “registered reports” format with a first-stage workshop to review accepted proposals and a second-stage conference to evaluate final papers. The conference
- [2017 University of Oklahoma Energy and Commodities Finance Research Conference](https://sfs.org/2017-university-of-oklahoma-energy-and-commodities-finance-research-conference/) - The University of Oklahoma’s Price College Energy Institute and the Price College Center for Financial Studies are organizing the 2017 OU Energy and Commodities Finance Research Conference. The conference will feature a dual submission option with RFS. The RFS sponsoring editor is Philip Strahan. The deadline for paper submission is 15 May 2017. The conference
- [Wharton Conference on Liquidity and Financial Fragility](https://sfs.org/wharton-conference-on-liquidity-and-financial-fragility/) - The Wharton Conference on Liquidity and Financial Fragility will feature a dual submission option with RFS. The RFS sponsoring editor is Itay Goldstein. The deadline for paper submission is June 15, 2017. The conference will take place October 13–14, 2017, on the University of Pennsylvania campus in Philadelphia, PA. The Call for Papers may be
- [A safe asset for Europe](https://sfs.org/a-safe-asset-for-europe/) - RFS Editor Stijn van Nieuwerburgh contributed this morning to a Financial Times editorial entitled "Safe Bonds for Europe." It advocates for a new financial innovation to foster greater stability for the financial system in Europe. See the full editorial here.
- [Editorial Team Changes](https://sfs.org/editorial-team-changes-7/) - RFS is pleased to announce that Andrew Karolyi will be continuing for a second term as Executive Editor, and Francesca Cornellli and Philip Strahan have been renewed for second terms as Editors. We also welcome the following Associate Editors: Henrik Cronqvist, Ran Duchin, Isil Erel, Dirk Hackbarth, Paolo Pasquariello, and Lalitha Naveen. We thank our retiring
- [Winners of the RFS Awards](https://sfs.org/winners-of-the-rfs-awards-3/) - The winners of the RFS Awards were announced at the Awards Reception at SFS Cavalcade North America. We are pleased to now share the winners: Distinguished Referee Award Michelle Lowry, Philipp Schnabl, Clemens Sialm Michael J. Brennan Best Paper Award “Who Facilitated Misreporting in Securitized Loans?” John M. Griffin and Gonzalo Maturana Prize: $20,000 Michael J. Brennan Best Paper Runner Up
- [Editor’s Choice 30(7)](https://sfs.org/editors-choice-307/) - The Editor’s Choice article for 30(7) is “Equity Vesting and Investment” by Alex Edmans, Vivian W. Fang, and Katharina A. Lewellen. You can read the article free online.
- [Virtual Issue: Culture and Economics](https://sfs.org/virtual-issue-culture-and-economics/) - Oxford University Press's new virtual issue on culture and economics features two RFS papers: Nationalism and Economic Exchange: Evidence from Shocks to Sino-Japanese Relations by Raymond Fisman, Yasushi Hamao, and Yongxiang Wang What's in a Name? Mutual Fund Flows When Managers Have Foreign-Sounding Names by Alok Kumar, Alexandra Niessen-Ruenzi, and Oliver G. Spalt The virtual issue is free to read online until
- [Photos from Cavalcade North America](https://sfs.org/photos-from-cavalcade-north-america-3/) - See more photos from SFS Cavalcade North America 2017.
- [Editor’s Choice 30(8)](https://sfs.org/editors-choice-308/) - The Editor’s Choice article for 30(8) is “Pension Fund Asset Allocation and Liability Discount Rates" by Aleksandar Andonov, Rob M.M.J. Bauer, and K.J. Martijn Cremers. You can read the article free online.
- [Stijn Van Nieuwerburgh in the NY Times](https://sfs.org/stijn-van-nieuwerburgh-in-the-ny-times/) - RFS Editor Stijn Van Nieuwerburgh is quoted in the NY Times in a piece titled, "When the (Empty) Apartment Next Door Is Owned by an Oligarch." Read the article online here.
- [Clarification for Climate Finance Proposals](https://sfs.org/clarification-for-climate-finance-proposals/) - We've received a few emails asking how to indicate that your submission is a proposal for Climate Finance 2017. The place to indicate "Climate Finance" is in Step 6 in the submission system. In Step 2, under "Specify Type of Submission," select "New submission." Under "Category of submission," select "Regular." In Step 6, select the payment
- [Part-time Advisory Editor Position](https://sfs.org/part-time-advisory-editor-position-2/) - A part-time RFS advisory editor position is available for the next academic year. The position will begin on September 1 (or sooner if preferred). Job responsibilities include recommending referees and ensuring that all submission guidelines are met. For more information, see Part-time RFS Advisory Editor Position.
- [Editor’s Choice 30(9)](https://sfs.org/editors-choice-309/) - The Editor’s Choice article for 30(9) is “Returns to Hedge Fund Activism: An International Study” by Marco Becht, Julian Franks, Jeremy Grant, and Hannes F. Wagner. You can read the article free online.
- [Part-time Advisory Editor Position](https://sfs.org/part-time-advisory-editor-position-3/) - The part-time RFS advisory editor position has been filled.
- [Editor’s Choice 30(10)](https://sfs.org/editors-choice-3010/) - The Editor’s Choice article for 30(10) is "Mortgages and Monetary Policy" by Carlos Garriga, Finn E. Kydland, and Roman Šustek. You can read the article free online.
- [Editor’s Choice 30(11)](https://sfs.org/editors-choice-3011/) - The Editor’s Choice article for 30(11) is “Credit-Induced Boom and Bust” by Marco Di Maggio and Amir Kermani. You can read the article free online.
- [Advisory Editor](https://sfs.org/advisory-editor/) - We are pleased to welcome Dawoon Kim to the journal's post-doctoral position. This role, known as the Advisory Editor, is responsible for the important task of recommending referees to the Editors. With submissions increasing year after year, it was necessary to expand the Advisory team to ensure we can continue processing your submissions in an efficient
- [2018 Conference on "New Frontiers in Banking Research: from Corporate Governance to Risk Management"](https://sfs.org/new-frontiers-in-banking-research-from-corporate-governance-to-risk-management-2018/) - The 2018 Conference on "New Frontiers in Banking Research: from Corporate Governance to Risk Management" will feature a dual submission option with RFS. The RFS sponsoring editor is Francesca Cornelli. The deadline for paper submissions is November 6, 2017. The conference will take place March 15-17, 2018, at Sapienza University in Rome. The Call for Papers may be
- [Editor’s Choice 30(12)](https://sfs.org/editors-choice-3012/) - The Editor’s Choice article for 30(12) is “Does Hedging Affect Firm Value? Evidence from a Natural Experiment” by Erik P. Gilje and Jérôme P. Taillard. You can read the article free online.
- [Climate Finance Workshop](https://sfs.org/climate-finance-workshop/) - We are excited to share the program for the upcoming Climate Finance Workshop, which will take place November 30, 2017 at Columbia University. This workshop is part of a two-stage editorial process designed to encourage researchers to engage in innovative research on the emerging topic of Climate Finance. At this workshop, authors will present their accepted proposals
- [Call for Completed Papers for RFS Conference on FinTech](https://sfs.org/call-for-completed-papers-for-fintech/) - Call for Completed Papers for the Review of Financial Studies Conference on Financial Technology (FinTech) at Cornell Tech, New York, NY March 16-17, 2018 The Review of Financial Studies is organizing a FinTech conference on March 16-17, 2018 at the new Cornell Tech campus on Roosevelt Island in New York. The conference will feature the
- [Francesca Cornelli Named Fellow of the ECGI](https://sfs.org/francesca-cornelli-named-fellow-of-the-ecgi/) - RFS Editor Francesca Cornelli has been named a fellow of the European Corporate Governance Institute. From the announcement by the London Business School: "The ECGI awards the title of Fellow to individuals who have demonstrated scientific excellence or other outstanding achievements in the area of corporate governance." You can read the full announcement here.
- [20th Annual Texas Finance Festival](https://sfs.org/20th-annual-texas-finance-festival/) - The 20th Annual Texas Finance Festival will feature a dual submission option with RFS. The RFS sponsoring editors are Itay Goldstein and Stijn Van Nieuwerburgh. The deadline for submissions is January 18, 2018 at 2pm. The conference will take place April 19-21, 2018 at the Horseshoe Bay Resort in Horseshoe Bay, Texas. The Call for Papers may be viewed here.
- [RFS Paper wins the TIAA Paul A. Samuelson Award For Outstanding Scholarly Writing on Lifelong Financial Security](https://sfs.org/rfs-paper-wins-the-tiaa-paul-a-samuelson-award-for-outstanding-scholarly-writing-on-lifelong-financial-security/) - “Does Aggregated Returns Disclosure Increase Portfolio Risk-Taking?” was recently announced as the winner of the 2017 TIAA Paul A. Samuelson Award For Outstanding Scholarly Writing on Lifelong Financial Security. This paper was published in RFS issue 30(6) June 2017 and can be read online here. We congratulate the authors: John Beshears, James J. Choi, David Laibson, and
- [RFS FinTech Conference](https://sfs.org/fintech-conference/) - The Review of Financial Studies will host a Conference on Financial Technology at the new Cornell Tech campus on Roosevelt Island, New York City. The event will take place in the Tata Innovation Center, March 16-17, 2018. The conference will feature the completed papers from the RFS FinTech Call for Proposals and the proposals workshop
- [Editor’s Choice 32(6)](https://sfs.org/editors-choice-326/) - The Editor’s Choice article for 32(6) is “Low Interest Rates and Risk-Taking: Evidence from Individual Investment Decisions” by Chen Lian, Yueran Ma, and Carmen Wang. You can read the article free online.
- [Special Issue: To FinTech and Beyond](https://sfs.org/special-issue-to-fintech-and-beyond/) - The May issue (32/5) of RFS is a special issue, edited by Professors Itay Goldstein, Wei Jiang, and Andrew Karolyi, on FinTech. This special issue is the result of a 2017 initiative by the RFS editorial team to develop research proposals on FinTech. The editorial is free to read online.
- [RFS Paper Featured on OUP Blog](https://sfs.org/rfs-paper-featured-on-oup-blog/) - The OUP blog features a post by Oscar Stolper and Andreas Walter based on their paper, "Birds of a Feather: The Impact of Homophily on the Propensity to Follow Financial Advice," from the February 2019 issue of RFS. To accompany the post, we’ve made the paper free to read online! Check out the blog post
- [RFS on Twitter](https://sfs.org/9952-2/) - The Review of Financial Studies is launching a Twitter account. Follow us @RevOfFinStudies.
- [Editor’s Choice 32(7)](https://sfs.org/editors-choice-327/) - The Editor’s Choice article for 32(7) is “Shock Propagation and Banking Structure” by Mariassunta Giannetti and Farzad Saidi. You can read the article free online.
- [Call for Papers: Yale-RFS Conference on Real and Private-Value Assets](https://sfs.org/call-for-papers-real-and-private-value-assets-conference/) - The Call for Papers for the Yale-RFS Conference on Real and Private-Value Assets is available here. The conference, which features a dual submission option with RFS, will take place January 31, 2020. The RFS sponsoring editor is Stijn Van Nieuwerburgh. The deadline for submissions is October 15, 2019.
- [Editorial Team Updates](https://sfs.org/editorial-team-updates-5/) - RFS extends our gratitude to retiring Editor Dave Denis, who is completing his term at the end of the month. Dave has been an Editor with RFS since 2013 and previously served as an Associate Editor. RFS is pleased to welcome the following Associate Editors: Manuel Adelino, Carola Frydman, Stefano Giglio, Xavier Giroud, Camelia Kuhnen,
- [Winners of the RFS Awards](https://sfs.org/winners-of-the-rfs-awards-5/) - The winners of the RFS Awards were announced at the Awards Reception at SFS Cavalcade North America on May 21. We are pleased to share the winners: Michael J. Brennan Best Paper Award “The Labor Market Effects of Credit Market Information” Marieke Bos, Emily Breza, and Andres Liberman Prize: $20,000 Michael J. Brennan Best Paper Runner Up and Rising
- [Virtual Issue: Monetary Policy](https://sfs.org/virtual-issue-monetary-policy-3/) - Oxford University Press’s new virtual issue on monetary policy features three RFS papers: "Whatever It Takes: The Real Effects of Unconventional Monetary Policy" by Viral V. Acharya, Tim Eisert, Christian Eufinger, and Christian Hirsch "Mortgages and Monetary Policy" by Carlos Garriga, Finn E. Kydland, and Roman Šustek "Bond Market Exposures to Macroeconomic and Monetary Policy
- [Call for Papers: The Financial Economics of Insurance](https://sfs.org/call-for-papers-the-financial-economics-of-insurance/) - The Call for Papers for the NBER-RFS Conference on The Financial Economics of Insurance is available here. The conference, which features a dual submission option with RFS, will take place April 10-11, 2020. The RFS sponsoring editor is Ralph Koijen. The link to submit papers will be available in January 2020.
- [Wei Jiang in Financial Times](https://sfs.org/wei-jiang-in-financial-times/) - RFS Editor Wei Jiang's opinion piece, "Investors can think long-term but managers are a harder case," recently appeared in the Financial Times.
- [Editor's Choice 32(8)](https://sfs.org/editors-choice-328/) - The Editor’s Choice article for 32(8) is "Who Bears Interest Rate Risk?" by Peter Hoffmann, Sam Langfield, Federico Pierobon, and Guillaume Vuillemey. You can read the article free online.
- [Editor’s Choice 32(9)](https://sfs.org/editors-choice-329/) - The Editor’s Choice article for 32(9) is "Understanding the Rise in Corporate Cash: Precautionary Savings or Foreign Taxes" by Michael W Faulkender, Kristine W Hankins, and Mitchell A Petersen. You can read the paper free online.
- [Advisory Editor](https://sfs.org/advisory-editor-2/) - We are pleased to welcome Scott Guernsey to the Advisory Editor team. Our advisory editors perform important tasks for new submissions, including the crucial task of recommending reviewers. We are thankful to Dawoon Kim, who completed his role as an advisory editor on August 15. We wish him the best of luck in his next
- [Editor's Choice 32(10)](https://sfs.org/editors-choice-3210/) - The Editor’s Choice article for 32(10) is “Life below Zero: Bank Lending under Negative Policy Rates" by Florian Heider, Farzad Saidi, and Glenn Schepens. You can read the paper free online.
- [Call for Papers: 2020 GSU-RFS FinTech Conference](https://sfs.org/call-for-papers-2020-gsu-rfs-fintech-conference/) - The Call for Papers for the 2020 GSU-RFS FinTech Conference is now available. The conference, which features a dual submission option with RFS, will take place February 28-29, 2020, at the Buckhead Center of Georgia State University in Atlanta. The RFS sponsoring editors are Itay Goldstein and Manju Puri. The submission deadline is November 1,
- [Editor's Choice 31(2)](https://sfs.org/editors-choice-312/) - The Editor’s Choice article for 31(2) is “Robust Bond Risk Premia" by Michael D. Bauer and James D. Hamilton. You can read the article free online.
- [Conference: The Financial Crisis Ten Years Afterwards](https://sfs.org/conference-the-financial-crisis-ten-years-afterwards/) - The 2018 Conference on “The Financial Crisis Ten Years Afterwards” will feature a dual submission option with RFS. The RFS sponsoring editors are Andrew Karolyi and Itay Goldstein. The deadline for proposals is May 15, 2018. The conference will take place August 2-3, 2018, at the Yale School of Management. The Call for Proposals may be viewed
- [Editor’s Choice 31(3)](https://sfs.org/editors-choice-313/) - The Editor’s Choice article for 31(3) is “Illiquidity Premia in the Equity Options Market” by Peter Christoffersen, Ruslan Goyenko, Kris Jacobs, and Mehdi Karoui. You can read the article free online.
- [RFS FinTech Conference Program](https://sfs.org/rfs-fintech-conference-program/) - The program is now available on the RFS FinTech Conference web site. The conference will take place March 16-17, 2018. There will be limited seats available for members of the public to attend.
- [RFS FinTech Initiative 2018](https://sfs.org/9280-2/)
- [Editor’s Choice 31(4)](https://sfs.org/editors-choice-314/) - The Editor’s Choice article for 31(4) is “Corporate Tax Havens and Transparency” by Morten Bennedsen and Stefan Zeume. You can read the article free online.
- [Editor’s Choice 31(5)](https://sfs.org/editors-choice-315/) - The Editor’s Choice article for 31(5) is “Managing the Family Firm: Evidence from CEOs at Work” by Oriana Bandiera, Renata Lemos, Andrea Prat, and Raffaella Sadun. You can read the article free online.
- [2018 Conference on “New Frontiers in Banking Research: from Corporate Governance to Risk Management”](https://sfs.org/2018-conference-on-new-frontiers-in-banking-research-from-corporate-governance-to-risk-management/)
- [RFS Article Featured in Forbes](https://sfs.org/rfs-article-featured-in-forbes-2/) - “Does a CEO’s Cultural Heritage Affect Performance under Competitive Pressure?” by Duc Duy Nguyen, Jens Hagendorff, and Arman Eshraghi, which published in RFS issue 31(1), was featured in Forbes in a piece titled, “New Study Links A CEO's Cultural Heritage With Corporate Performance.” Read the article online here.
- [2018 Texas Finance Festival](https://sfs.org/2018-texas-finance-festival/)
- [Conference on New Methods for the Cross Section of Returns](https://sfs.org/conference-on-new-methods-for-the-cross-section-of-returns/) - Together with the Fama-Miller Center at Chicago Booth and EDHEC, RFS will co-host a conference on “New Methods for the Cross Section of Returns." The conference will feature a dual submission option with RFS. The RFS sponsoring editors are Stijn van Nieuwerburgh and Andrew Karolyi. The deadline for papers is June 15, 2018. The conference will take place September
- [Editor’s Choice 31(6)](https://sfs.org/editors-choice-316/) - The Editor’s Choice article for 31(6) is “The Labor Market Effects of Credit Market Information” by Marieke Bos, Emily Breza, and Andres Liberman. You can read the article free online.
- [2019 Conference on “New Frontiers in Banking: from Corporate Governance to Risk Management”](https://sfs.org/2019-conference-on-new-frontiers-in-banking-from-corporate-governance-to-risk-management/) - The 2019 Conference on “New Frontiers in Banking: from Corporate Governance to Risk Management” will feature a dual submission option with RFS. The RFS sponsoring editor is Francesca Cornelli. The deadline for paper submissions is September 16, 2018. The conference will take place March 28‐30, 2019, at Bocconi University in Milan. The Call for Papers may
- [Call for Completed Papers for RFS Conference on Climate Finance](https://sfs.org/call-for-completed-papers-for-the-review-of-financial-studies-conference-on-climate-finance-in-london-uk-october-5-and-6-2018/) - The Review of Financial Studies, Columbia University Department of Economics, and the Brevan Howard Centre for Financial Analysis at Imperial College Business School are organizing a Climate Finance conference on October 5 & 6, 2018 at Mandarin Oriental Hyde Park, London. The conference funded by Norges Bank Investment Management (NBIM) will feature the completed papers
- [Editor’s Choice 31(7)](https://sfs.org/editors-choice-317/) - The Editor’s Choice article for 31(7) is “News Shocks and the Production-Based Term Structure of Equity Returns” by Hengjie Ai, Mariano Max Croce, Anthony M. Diercks, and Kai Li. You can read the article free online.
- [Winners of the RFS Awards](https://sfs.org/winners-of-the-rfs-awards-4/) - The winners of the RFS Awards were announced at the Awards Reception at SFS Cavalcade North America on May 23. We are pleased to share the winners: Distinguished Referee Awards Ralph Koijen, Eric Zwick Michael J. Brennan Best Paper Award "Does Hedging Affect Firm Value? Evidence from a Natural Experiment" Erik Gilje and Jérôme Taillard Prize: $20,000 Michael J. Brennan Best
- [Editorial Team Changes](https://sfs.org/editorial-team-changes-2-3/) - RFS is pleased to welcome the following Associate Editors: Kenneth Ahern, Zhi Da, Vyacheslav Fos, Kai Li, Nadya Malenko, Veronika Pool, Alexi Savov, and Michela Verardo. We thank our retiring Associate Editors: Hui Chen, Todd Gormley, Zhiguo He, Gerard Hoberg, Victoria Ivashina, Dirk Jenter, Amiyatosh Purnanandam, and Paul Tetlock. All changes are effective July 1, 2018.
- [Executive Editor Andrew Karolyi](https://sfs.org/executive-editor-andrew-karolyi/) - The Society for Financial Studies is losing the masterful administrative and editing skills of Andrew Karolyi, Executive Editor of The Review of Financial Studies. Unfortunate for us, but great for Cornell University, he will become the Deputy Dean and College Dean of Academic Affairs for the Cornell DC Johnson College of Business on July 1.
- [RFS Impact Factor and Highly-Cited Papers](https://sfs.org/rfs-impact-factor-and-highly-cited-papers/) - RFS is pleased to share that our latest impact factor has risen to 4.270. Our publisher, Oxford University Press, has curated an online collection of highly-cited articles, which you can read for free on their web site.
- [New Editor Appointment](https://sfs.org/new-editor-appointment-4/) - The RFS is pleased to announce the appointment of Ralph Koijen as an editor of the Review, beginning September 1, 2018. Ralph is a Professor of Finance at the University of Chicago Booth School of Business, a Research Associate at the National Bureau of Economic Research, and a Research Fellow of the Center for Economic Policy Research. Please join
- [RFS Paper on CNBC](https://sfs.org/rfs-paper-on-cnbc/) - “Equity Vesting and Investment," which published in RFS issue 30(7), was referred to on CNBC on June 19 in a segment with SEC commissioner Robert Jackson. The paper's authors are Alex Edmans, Vivian W. Fang, and Katharina A. Lewellen. The video is available to view online. This paper is an Editor's Choice selection, which means you may also read
- [Editor’s Choice 31(8)](https://sfs.org/editors-choice-318/) - The Editor’s Choice article for 31(8) is “Real Effects of the Sovereign Debt Crisis in Europe: Evidence from Syndicated Loans” by Viral V. Acharya, Tim Eisert, Christian Eufinger, and Christian Hirschi. You can read the article free online.
- [2nd World Symposium on Investment Research](https://sfs.org/2nd-world-symposium-on-investment-research/) - The 2nd World Symposium on Investment Research will feature a dual submission option with RFS. The RFS sponsoring editor is Wei Jiang. The submission period is open from October 20 to November 20, 2018. The conference will take place May 5-6, 2019, at Marriott Residence Inn Times Square. The Call for Papers may be viewed here.
- [Conference on Current Research in FinTech](https://sfs.org/conference-on-current-research-in-fintech/) - The 2019 Conference on Current Research in FinTech will feature a dual submission option with RFS. The RFS sponsoring editor is Wei Jiang. The deadline for paper submissions is October 1, 2018. The conference will take place February 8-9, 2019, at the Buckhead Center of Georgia State University in Atlanta. The Call for Papers may be
- [Editor’s Choice 31(9)](https://sfs.org/editors-choice-319/) - The Editor’s Choice article for 31(9) is “Short-Rate Expectations and Unexpected Returns in Treasury Bonds” by Anna Cieslak. You can read the article free online.
- [Virtual Issue: Housing Economics](https://sfs.org/virtual-issue-housing-economics-2/) - Oxford University Press’s new virtual issue on housing economics features three RFS papers: "Housing Price Booms and Crowding-Out Effects in Bank Lending" by Indraneel Chakraborty, Itay Goldstein, and Andrew MacKinlay "Mortgage Supply and Housing Rents" by Pedro Gete and Michael Reher "Housing Demand During the Boom: The Role of Expectations and Credit Constraints" by Tim
- [RFS Announces Behavioral Finance Award Sponsored by Hillcrest Asset Management](https://sfs.org/rfs-announces-behavioral-finance-award-sponsored-by-hillcrest-asset-management/) - RFS is pleased to announce the new Hillcrest Best Paper Prize for the best paper in Behavioral Finance published in the Review of Financial Studies. The prize, which will be presented for the first time in 2019, will be sponsored by Hillcrest Asset Management, an institutional investment management firm and a leader in the field
- [Editor’s Choice 31(10)](https://sfs.org/editors-choice-3110/) - The Editor’s Choice article for 31(10) is “Quantifying Sentiment with News Media across Local Housing Markets” by Cindy K Soo. You can read the article free online.
- [RFS Climate Finance Initiative](https://sfs.org/rfs-climate-finance-initiative/) - The program for the RFS Climate Finance Initiative is now available online. If you wish to attend the conference, you may register here. There are limited spaces; we recommend registering as soon as possible. The conference will take place October 5 & 6, 2018, at the Claridges Hotel in London. For more information, visit the Climate Finance
- [Editor Renewal](https://sfs.org/editor-renewal-2/) - The RFS is pleased to announce that Stijn van Nieuwerburgh has been appointed for a second term as an Editor of RFS. His second term begins January 1, 2019. We thank Stijn for his continued service.
- [Editor’s Choice 31(11)](https://sfs.org/editors-choice-3111/) - The Editor’s Choice article for 31(11) is “Strategic News Releases in Equity Vesting Months” by Alex Edmans, Luis Goncalves-Pinto, Moqi Groen-Xu, and Yanbo Wang. You can read the article free online.
- [RFS Editor Wei Jiang's Research Featured on CNBC](https://sfs.org/rfs-editor-wei-jiangs-research-featured-on-cnbc/) - RFS Editor Wei Jiang's research is featured in a CNBC piece titled, "Hedge funds in the business of breaking up deals see big payoff, study finds."
- [Editor’s Choice 31(12)](https://sfs.org/editors-choice-3112/) - The Editor’s Choice article for 31(12) is “Does It Pay to Pay Attention?” by Antonio Gargano and Alberto G. Rossi. You can read the article free online.
- [NBER Conference on Big Data: Long-Term Implications for Financial Markets and Firms](https://sfs.org/nber-conference-on-big-data-long-term-implications-for-financial-markets-and-firms/) - The NBER Conference on Big Data: Long-Term Implications for Financial Markets and Firms will feature a dual submission option with RFS. The RFS sponsoring editor is Itay Goldstein. The deadline for paper submissions is Sunday, December 16, 2018. The conference will take place March 8, 2019, in Cambridge, Massachusetts. The Call for Papers may be viewed here.
- [Miami Behavioral Finance Conference Dual Submissions with RFS](https://sfs.org/miami-behavioral-finance-conference-dual-submissions-with-rfs-3/) - If you requested dual submission with RFS when you submitted your paper to the 2018 Miami Behavioral Finance Conference, you can expect to receive the dual submission decision from RFS in mid-December.
- [Rising Scholar Award](https://sfs.org/rising-scholar-award-3/) - In 2018, the Rising Scholar Award guidelines expanded the eligibility requirements so that authors are eligible if no author on the paper received either their current academic appointment or most recent Ph.D. more than 6 years prior to when the paper was submitted to RFS. The requirement was previously 3 years. The $5000 prize is
- [Editor’s Choice 32(1)](https://sfs.org/editors-choice-321/) - The Editor’s Choice article for 32(1) is “The Cost of Immediacy for Corporate Bonds” by Marco Rossi. You can read the article free online.
- [Editor’s Choice 32(2)](https://sfs.org/editors-choice-322/) - The Editor’s Choice article for 32(2) is “Credit Supply and the Rise in College Tuition: Evidence from the Expansion in Federal Student Aid Programs” by David O. Lucca, Taylor Nadauld, and Karen Shen. You can read the article free online.
- [Executive Editor Itay Goldstein in The New York Times](https://sfs.org/executive-editor-itay-goldstein-in-the-new-york-times/) - RFS Executive Editor Itay Goldstein was quoted in The New York Times in a piece titled, "Investors Have Nowhere to Hide as Stocks, Bonds and Commodities All Tumble," which can be read online here.
- [Ralph Koijen Awarded The Fischer Black Prize](https://sfs.org/ralph-koijen-awarded-the-fischer-black-prize/) - RFS Editor Ralph Koijen was recently awarded The Fischer Black Prize for 2019. This prestigious award is presented biennially to recognize a top finance researcher under age forty. Congratulations, Ralph!
- [21st Annual Texas Finance Festival](https://sfs.org/21st-annual-texas-finance-festival/) - The 21st Annual Texas Finance Festival will feature a dual submission option with RFS. The RFS sponsoring editors are Itay Goldstein and Stijn Van Nieuwerburgh. The deadline for submissions is January 28, 2019 at 11:59pm CST. The conference will take place April 25-27, 2019 at the AT&T Executive Education and Conference Center at the University of Texas at Austin. The Call
- [Program for Conference on Current Research in FinTech](https://sfs.org/program-for-conference-on-current-research-in-fintech/) - The Program for the 2019 Conference on Current Research in FinTech is now available. The conference, which featured a dual submission option with RFS, will take place February 8-9, 2019, at the Buckhead Center of Georgia State University in Atlanta. The program may be viewed here.
- [Yale-RFS Conference on Real and Private-Value Assets](https://sfs.org/yale-rfs-conference-on-real-and-private-value-assets/) - We are pleased to announce the 2020 Yale-RFS Conference on Real and Private-Value Assets, which will feature a dual submission option with RFS. The RFS sponsoring editor is Stijn Van Nieuwerburgh. The deadline for submissions is October 15, 2019. The conference will take place January 31, 2020 at the Yale School of Management. Please see the full conference details here.
- [Virtual Issue: Trade and Economics](https://sfs.org/virtual-issue-trade-and-economics/) - Oxford University Press’s new virtual issue on trade and economics features "Securities Trading in the Absence of Dealers: Trades and Quotes on the Tokyo Stock Exchange" by Yasushi Hamao and Joel Hasbrouck, from the July 1995 issue of RFS. The virtual issue is free to read online until the end of March on Oxford’s web site.
- [Editor’s Choice 32(3)](https://sfs.org/editors-choice-323/) - The Editor’s Choice article for 32(3) is “Financing Entrepreneurial Production: Security Design with Flexible Information Acquisition” by Ming Yang and Yao Zeng. You can read the article free online.
- [Francesca Cornelli to be Dean of Kellogg School of Management](https://sfs.org/francesca-cornelli-to-be-dean-of-kellogg-school-of-management/) - Congratulations are in order! RFS Editor Francesca Cornelli has been chosen as the new dean of Northwestern’s Kellogg School of Management. With her new role starting this summer, Francesca will be stepping down from her RFS editor role as of May 1. She will continue to handle submissions in process but will stop taking on
- [2019 Georgia State FinTech Conference](https://sfs.org/2019-georgia-state-fintech-conference/) - For more information about the event, please visit the conference web site.
- [Editor’s Choice 32(4)](https://sfs.org/editors-choice-324/) - The Editor’s Choice article for 32(4) is "Firm Financing over the Business Cycle” by Juliane Begenau and Juliana Salomao. You can read the article free online.
- [2019 RFS-NBER Conference on Big Data: Long-Term Implications for Financial Markets and Firms](https://sfs.org/nber-conference-on-big-data-long-term-implications-for-financial-markets-and-firms-2/)
- [RFS Executive Editors on the Knowledge@Wharton Show on SiriusXM](https://sfs.org/9882-2/) - The current and former Executive Editors of RFS, Professors Itay Goldstein and Andrew Karolyi, were interviewed on the Knowledge@Wharton show on SiriusXM about the RFS FinTech initiative. You can listen to the interview and read the related article here.
- [2019 Conference on "New Frontiers in Banking: from Corporate Governance to Risk Management”](https://sfs.org/2019-conference-on-new-frontiers-in-banking-from-corporate-governance-to-risk-management-2/) - The program for the 2019 Conference on "New Frontiers in Banking: from Corporate Governance to Risk Management” is now available. The conference, which featured a dual submission option with RFS, will take place March 29-30, 2019, at Bocconi University in Milan. The program may be viewed here.
- [Editors Joining the RFS Team](https://sfs.org/new-editor-appointment-5/) - RFS is pleased to announce the appointment of two new Editors: Holger Mueller and Manju Puri. Holger Mueller is the Nomura Professor of Finance at New York University Stern School of Business, a research associate at The National Bureau of Economic Research, a research associate at the European Corporate Governance Institute, and a research fellow
- [ECGI Corporations and COVID-19 Conference](https://sfs.org/ecgi-corporations-and-covid-19-conference/) - The Call for Papers for the ECGI Corporations and COVID-19 conference is now available. The conference, which features a dual submission option with RCFS and RFS, will have an online workshop on June 17, 2021, and a conference at the University of Oxford on June 2, 2022. The RCFS sponsoring editor is Andrew Ellul and
- [Dual Submission Decisions for ECGI Corporations and COVID-19 Conference](https://sfs.org/dual-submission-decisions-for-ecgi-corporations-and-covid-19-conference/) - The dual submission decisions for the ECGI Corporations and COVID-19 Conference have been sent. If you submitted your paper as a dual submission and did not receive your decision email, please contact us.
- [ECGI Corporations and COVID-19 Conference](https://sfs.org/ecgi-corporations-and-covid-19-conference-2/) - The Call for Papers for the ECGI Corporations and COVID-19 conference is now available. The conference, which features a dual submission option with RCFS and RFS, will take place June 2, 2022. The RCFS sponsoring editor is Andrew Ellul and the RFS sponsoring editors are Itay Goldstein and Holger Mueller. The submission deadline is October 29,
- [Position Filled: Part-time RFS Advisory Editor Position](https://sfs.org/position-filled-part-time-rfs-advisory-editor-position/) - The part-time RFS advisory editor position has been filled. We are no longer accepting applications.
- [Editor’s Choice 32(11)](https://sfs.org/editors-choice-3211/) - The Editor’s Choice article for 32(11) is “The Value of Offshore Secrets: Evidence from the Panama Papers" by James O’Donovan, Hannes F. Wagner, and Stefan Zeume. You can read the paper free online.
- [Virtual Issue: Economic History](https://sfs.org/virtual-issue-economic-history-3/) - Oxford University Press’s new virtual issue on economic history features two RFS papers: "Stock Volatility and the Great Depression" by Gustavo S. Cortes and Marc D. Weidenmier "The History of the Cross-Section of Stock Returns" by Juhani T. Linnainmaa and Michael R. Roberts The virtual issue is free to read until the end of December.
- [Editor’s Choice 32(12)](https://sfs.org/editors-choice-3212/) - The Editor’s Choice article for 32(12) is “Dynamic Interpretation of Emerging Risks in the Financial Sector” by Kathleen Weiss Hanley and Gerard Hoberg. You can read the paper free online.
- [Upcoming Keynote Speech](https://sfs.org/upcoming-keynote-speech-4/) - RFS Editor Manju Puri will be the keynote speaker at the Showcasing Women in Finance – EU conference on November 22 at the University of Luxembourg. The conference highlights female role models in finance and is organized by AFFECT and the faculty of Law, Economics, and Finance at the University of Luxembourg.
- [Dual Submission Decisions for 2020 Yale-RFS Conference on Real and Private-Value Assets](https://sfs.org/dual-submission-decisions-for-2020-yale-rfs-conference-on-real-and-private-value-assets/) - The dual submission decisions for the 2020 Yale-RFS Conference on Real and Private-Value Assets have been sent. If you submitted your paper as a dual submission to RFS and did not receive your decision email, please contact us.
- [Editor’s Choice 33(1)](https://sfs.org/editors-choice-331/) - The Editor’s Choice article for 33(1) is “On the Effects of Restricting Short-Term Investment" by Nicolas Crouzet, Ian Dew-Becker, and Charles G. Nathanson. You can read the paper free online.
- [Editor’s Choice 33(2)](https://sfs.org/editors-choice-332/) - The Editor’s Choice article for 33(2) is “Financial Frictions and the Great Productivity Slowdown” by Romain Duval, Gee Hee Hong, and Yannick Timmer. You can read the paper free online.
- [Special Issue: Climate Finance](https://sfs.org/editors-choice-333/) - Issue 33(3) of RFS is a special issue, edited by Harrison Hong, G. Andrew Karolyi, and José A. Scheinkman. This special issue is the result of a 2017-8 initiative by the RFS editorial team to develop research proposals on Climate Finance. The editorial is free to read online. The Editor’s Choice paper is “Pricing Uncertainty
- [Recap of the Yale-RFS Conference on Real and Private-Value Assets](https://sfs.org/recap-of-the-yale-rfs-conference-on-real-and-private-value-assets/) - The International Center for Finance at Yale has posted a recap of the Yale-RFS Conference on Real and Private-Value Assets. The conference took place January 31, 2020, at the Yale School of Management. Read the recap and see the photos here.
- [Dual Submission Decisions for the 2020 GSU-RFS FinTech Conference](https://sfs.org/dual-submission-decisions-for-the-2020-gsu-rfs-fintech-conference/) - The dual submission decisions for the 2020 GSU-RFS FinTech Conference have been sent. If you submitted your paper as a dual submission and did not receive your decision email, please contact us.
- [Editor’s Choice 33(4)](https://sfs.org/editors-choice-334/) - The Editor’s Choice article for 33(4) is “Informing the Market: The Effect of Modern Information Technologies on Information Production” by Meng Gao and Jiekun Huang. You can read the paper free online.
- [Special Issue: New Methods in the Cross-Section](https://sfs.org/special-issue-new-methods-in-the-cross-section/) - Issue 33(5) of RFS is a special issue, edited by G. Andrew Karolyi and Stijn Van Nieuwerburgh. The editorial is free to read online. The Editor’s Choice paper is “Comparing Cross-Section and Time-Series Factor Models” by Eugene F. Fama and Kenneth R. French
- [Innovation & Entrepreneurship Collection](https://sfs.org/innovation-entrepreneurship-collection-4/) - Oxford University Press presents the Innovation & Entrepreneurship Collection, featuring the following papers from RFS: Destructive Creation at Work: How Financial Distress Spurs Entrepreneurship by Tania Babina The Political Economy of Financial Innovation: Evidence from Local Governments by Christophe Pérignon and Boris Vallée How Valuable Is FinTech Innovation? by Mark A. Chen, Qinxi Wu, and Baozhong
- [Editor’s Choice 33(6)](https://sfs.org/editors-choice-336/) - The Editor’s Choice article for 33(6) is “Monetary Transmission through Shadow Banks" by Kairong Xiao. You can read the paper free online.
- [Editor Renewal](https://sfs.org/editor-renewal-3/) - RFS is pleased to announce that Lauren Cohen has been appointed for a second term as an editor. We thank Lauren for his continued service.
- [Advisory Editor](https://sfs.org/advisory-editor-3/) - We are pleased to welcome Xin Fan to the advisory editor team. Our advisory editors perform important tasks for new submissions, including the crucial task of recommending reviewers. Xin begins her role on August 16, 2020. We are thankful to Scott Guernsey, who will complete his role as an advisory editor on August 16. We
- [Editor Ralph Koijen in Forbes](https://sfs.org/editor-ralph-koijen-in-forbes/) - RFS Editor Ralph Koijen's research is featured in a Forbes piece titled, "Researchers Examine The Market’s COVID-19 Swings, Here’s What They Found."
- [Academic Audios](https://sfs.org/academic-audios/) - The Review of Financial Studies is now featured on Academic Audios, which produces narrated audios of research papers, including the abstract, introduction, and conclusion. As described on their website, this allows "you to learn the motivation for the paper, its background, the issue or question being addressed, and the results," all in an audio format.
- [Editor’s Choice 33(7)](https://sfs.org/editors-choice-337/) - The Editor’s Choice article for 33(7) is “On the Rise of FinTechs: Credit Scoring Using Digital Footprints" by Tobias Berg, Valentin Burg, Ana Gombović, and Manju Puri. You can read the paper free online.
- [Code Sharing Policy](https://sfs.org/code-sharing-policy-3/) - The Review of Financial Studies (RFS) is enacting a Code Sharing Policy for papers accepted for publication, which will be effective on July 1, 2020. The policy is available here. This policy reflects the commitment of the RFS to the highest standards of quality, as we believe that the policy will help improve the reproducibility
- [Winners of the RFS Awards](https://sfs.org/winners-of-the-rfs-awards-6/) - The winners of the annual RFS Awards were announced at the virtual Awards Reception on May 26 as part of the Cavalcade. We are pleased to share the winners: Michael J. Brennan Best Paper Award “Credit Supply and the Rise in College Tuition: Evidence from the Expansion in Federal Student Aid Programs” David O. Lucca, Taylor Nadauld, and
- [Editorial Team Changes](https://sfs.org/editorial-team-changes-4-2/) - We extend our gratitude to Philip Strahan and Stijn Van Niewerburgh, who are retiring as editors of RFS. Phil has been an editor since 2014 and Stijn since 2016. Both previously served as associate editors. We thank them for their service to the journal. We are pleased to share that Lauren Cohen has been renewed
- [Call for Papers: ECB-RFS Macro-Finance Conference](https://sfs.org/call-for-papers-ecb-rfs-macro-finance-conference/) - The Call for Papers for the 2021 ECB-RFS Macro-Finance Conference is now available. The conference, which features a dual submission option with RFS, will take place March 22-23 at the ECB in Frankfurt. The RFS sponsoring editors are Itay Goldstein and Ralph Koijen. The submission deadline is November 15, 2020.
- [Editor’s Choice 33(8)](https://sfs.org/editors-choice-338/) - The Editor’s Choice article for 33(8) is “Uncertainty and Economic Activity: A Multicountry Perspective” by Ambrogio Cesa-Bianchi, M. Hashem Pesaran, and Alessandro Rebucci. You can read the paper free online.
- [Impact Factor](https://sfs.org/impact-factor/) - We are pleased to share that the RFS impact factor for 2019 is 4.649 and the 5-year Impact Factor is 7.100 (Clarivate, 2020). These results are among the highest in RFS history and among the top ones in the field. OUP has granted temporary free access to some of RFS's most cited papers.
- [Editor’s Choice 33(9)](https://sfs.org/editors-choice-339/) - The Editor’s Choice article for 33(9) is “Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales" by Sabrina T. Howell, Marina Niessner, and David Yermack. You can read the paper free online.
- [Call for Papers: NBER Big Data and Securities Markets Virtual Conference](https://sfs.org/call-for-papers-nber-big-data-and-securities-markets-virtual-conference/) - The Call for Papers for the NBER Big Data and Securities Markets Virtual Conference is now available. The conference, which features a dual submission option with RFS, will take place online December 3-4, 2020. The RFS sponsoring editor is Itay Goldstein. The submission deadline is September 27, 2020.
- [RFS Editors in the News](https://sfs.org/rfs-editors-in-the-news/) - Ralph Koijen's research is featured in "The anatomy of a very brief bear market" in Financial Times. Lauren Cohen's research is featured in "When Companies Favor Bullish Analysts on Calls, Bad News Often Follows" in The Wall Street Journal.
- [Itay Goldstein in ABC News](https://sfs.org/itay-goldstein-in-abc-news/) - Itay Goldstein was interviewed for an ABC News story titled "Why the stock market is divorced from the pain of a pandemic economy."
- [Editor’s Choice 33(10)](https://sfs.org/editors-choice-3310/) - The Editor’s Choice article for 33(10) is “Deadlock on the Board” by Jason Roderick Donaldson, Nadya Malenko, and Giorgia Piacentino. You can read the paper free online.
- [Editor’s Choice 33(11)](https://sfs.org/editors-choice-3311/) - The Editor’s Choice article for 33(11) is “Options Trading Costs Are Lower than You Think" by Dmitriy Muravyev and Neil D. Pearson. You can read the paper free online.
- [Video: Journal Editors Discuss the Editorial Process](https://sfs.org/video-journal-editors-discuss-the-editorial-process/) - RFS Executive Editor Itay Goldstein participated in a discussion about editorial processes at the PhD Student Symposium hosted by the Salem Center for Policy at the McCombs School of Business. The discussion was moderated by Campbell R. Harvey and included Christian Leuz and Joao Santos. View the video and see the program.
- [Keynote by Manju Puri at FINEST Conference](https://sfs.org/keynote-by-manju-puri-at-finest-conference/) - RFS Editor Manju Puri will be giving the keynote speech at the Financial Intermediation Network of European Studies 2020 Autumn Workshop, which will be held November 30-December 1. For details, see the FINEST web site.
- [Editor’s Choice 33(12)](https://sfs.org/editors-choice-3312/) - The Editor’s Choice article for 33(12) is “The Deregulation of the Private Equity Markets and the Decline in IPOs" by Michael Ewens and Joan Farre-Mensa. You can read the paper free online.
- [Itay Goldstein in ABC News](https://sfs.org/itay-goldstein-in-abc-news-2/) - Itay Goldstein was interviewed for an ABC News story titled "Why the prospect of a divided government sent stocks soaring."
- [NBER Big Data and Securities Markets Virtual Conference](https://sfs.org/nber-big-data-and-securities-markets-virtual-conference/) - The program for the NBER Big Data and Securities Markets Virtual Conference is now available. The conference, which featured a dual submission option with RFS, will take place online December 3-4, 2020. The RFS sponsoring editor is Itay Goldstein.
- [Editor’s Choice 34(1)](https://sfs.org/editors-choice-341/) - The Editor’s Choice article for 34(1) is “CAPM-Based Company (Mis)valuations” by Olivier Dessaint, Jacques Olivier, Clemens A. Otto, and David Thesmar. You can read the paper free online.
- [Editor’s Choice 34(2)](https://sfs.org/editors-choice-342/) - The Editor’s Choice paper for 34(2) is “Performance-Induced CEO Turnover” by Dirk Jenter and Katharina Lewellen. You can read the paper free online.
- [Joint Statement by the Editors of the JF, RFS, and the Incoming Editor of the JFE Concerning Referee Confidentiality](https://sfs.org/joint-statement-by-the-editors-of-the-jf-rfs-and-the-incoming-editor-of-the-jfe-concerning-referee-confidentiality/) - A recent paper by the current editor of the Journal of Financial Economics posted on SSRN on December 15, 2020 revealed paper acceptance rates by individual referees at the JFE. The editors of the JF, RFS, and the incoming editor of the JFE hereby affirm our commitment to never publicly disclose data that could reveal
- [Dual Submission Decisions for ECB-RFS Macro-Finance Conference](https://sfs.org/dual-submission-decisions-for-ecb-rfs-macro-finance-conference/) - The dual submission decisions for the 2021 ECB-RFS Macro-Finance Conference have been sent. If you submitted your paper as a dual submission and did not receive your decision email, please contact us.
- [Congratulations to Ralph S. J. Koijen and Stijn Van Nieuwerburgh](https://sfs.org/congratulations-to-ralph-s-j-koijen-and-stijn-van-nieuwerburgh/) - Congratulations to RFS editor Ralph S. J. Koijen and former editor Stijn Van Nieuwerburgh, who have won the 2020 TIAA Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security!
- [Editor's Choice 34(3)](https://sfs.org/editors-choice-343/) - The Editor’s Choice paper for 34(3) is “Tokenomics: Dynamic Adoption and Valuation” by Lin William Cong, Ye Li, and Neng Wang. You can read the paper free online.
- [Editor’s Choice 34(4)](https://sfs.org/editors-choice-344/) - The Editor’s Choice paper for 34(4) is “How Do Consumers Fare When Dealing with Debt Collectors? Evidence from Out-of-Court Settlements" by Ing-Haw Cheng, Felipe Severino, and Richard R. Townsend. You can read the paper free online.
- [Program for ECB-RFS Macro-Finance Conference](https://sfs.org/program-for-ecb-rfs-macro-finance-conference/) - The program for the ECB-RFS Macro-Finance Conference is now available. The conference, which featured a dual submission option with RFS, will take place March 22-23. The RFS sponsoring editors are Itay Goldstein and Ralph Koijen. You may register for the conference here.
- [NBER-RFS Inequality, Discrimination, and the Financial System Conference](https://sfs.org/nber-rfs-inequality-discrimination-and-the-financial-system-conference/) - The program for the NBER-RFS Inequality, Discrimination, and the Financial System conference is now available. The conference, which featured a dual submission option with RFS, will take place online April 1-2, 2021. The RFS sponsoring editors are Gregor Matvos, Manju Puri, and Tarun Ramadorai. The conference will be live-streamed on NBER's YouTube channel.
- [Editor’s Choice 34(5)](https://sfs.org/editors-choice-345/) - The Editor’s Choice paper for 34(5) is “The Rise of Shadow Banking: Evidence from Capital Regulation" by Rustom M. Irani, Rajkamal Iyer, Ralf R. Meisenzahl, and José-Luis Peydró. You can read the paper free online.
- [Dual Submission Decisions for NBER-RFS Inequality, Discrimination, and the Financial System Conference](https://sfs.org/dual-submission-decisions-for-nber-rfs-inequality-discrimination-and-the-financial-system-conference/) - The dual submission decisions for the NBER-RFS Inequality, Discrimination, and the Financial System conference have been sent. If you submitted your paper as a dual submission and did not receive your decision email, please contact us.
- [Editor’s Choice 34(6)](https://sfs.org/editors-choice-346/) - The Editor’s Choice paper for 34(6) is “Risks and Returns of Cryptocurrency” by Yukun Liu and Aleh Tsyvinski. You can read the paper free online.
- [Fireside Chat with Itay Goldstein](https://sfs.org/fireside-chat-with-itay-goldstein/) - On May 26 at 12pm, RFS Executive Editor Itay Goldstein will be participating in a fireside chat with AFFECT on publishing in finance. Register here.
- [Winners of the RFS Awards](https://sfs.org/winners-of-the-rfs-awards-7/) - The winners of the annual RFS Awards were announced at the virtual Awards Reception on May 25 as part of the SFS Cavalcade. We are pleased to share the winners: Michael J. Brennan Best Paper Award “Pricing Uncertainty Induced by Climate Change” Michael Barnett, William Brock, and Lars Peter Hansen Prize: $10,000 Michael J. Brennan Best Paper
- [Publishing in Finance: Fireside Chats with Journal Editors](https://sfs.org/publishing-in-finance-fireside-chats-with-journal-editors-4/) - RFS Executive Editor Itay Goldstein was interviewed for the Publishing in Finance: Fireside Chats with Journal Editors webinar series. The interviewers were Manasa Gopal (Georgia Tech) and Zheng Sun (University of California, Irvine). The video is available to watch online - simply click here and scroll to May 26, 2021, Session 11.
- [Special Issue: Big Data in Finance](https://sfs.org/special-issue-big-data-in-finance/) - Now available: Special Issue: Big Data in Finance "Introduction: Big Data in Finance" by Itay Goldstein, Chester S. Spatt, and Mao Ye Editor’s Choice: "Selecting Directors Using Machine Learning" by Isil Erel, Léa Stern, Chenhao Tan, and Michael S. Weisbach
- [Special Issue: Real and Private Value Assets](https://sfs.org/special-issue-real-and-private-value-assets/) - Now available: Special Issue: Real and Private Value Assets Introduction "Real and Private-Value Assets" by William N. Goetzmann, Christophe Spaenjers, and Stijn Van Nieuwerburgh Editor’s Choice: "Climate Change and Long-Run Discount Rates: Evidence from Real Estate" by Stefano Giglio, Matteo Maggiori, Krishna Rao, Johannes Stroebel, and Andreas Weber
- [Editorial Team Changes](https://sfs.org/editorial-team-changes-5-2/) - We are pleased to share that Itay Goldstein has been renewed for another 3-year term as Executive Editor and Ralph Koijen has been renewed for a second term as an editor. We are grateful to our retiring associate editors: Dimitris Papanikolaou Kenneth Ahern Zhi Da Vyacheslav Fos Kai Li Nadya Malenko Veronika Pool Alexi Savov Michela Verardo and welcome our incoming associate editors: Jaroslav
- [Impact Factor](https://sfs.org/impact-factor-2/) - We are pleased to share that the RFS impact factor for 2019 has risen to 5.838 and the 5-year Impact Factor has risen to 9.358 (Clarivate, 2020). These results continue to be among the top ones in the field. OUP has granted temporary free access to some of RFS’s most cited papers.
- [Editor’s Choice 34(9)](https://sfs.org/editors-choice-349/) - The Editor’s Choice paper for 34(9) is “The Economics of the Fed Put” by Anna Cieslak and Annette Vissing-Jorgensen. You can read the paper free online.
- [Tarun Ramadorai in Financial Times](https://sfs.org/tarun-ramadorai-in-financial-times/) - RFS Editor Tarun Ramadorai has published an op-ed in the Financial Times on using technology to reform household finance and help reduce wealth inequality in the aftermath of the pandemic. Check it out here!
- [Editor’s Choice 34(10)](https://sfs.org/editors-choice-3410/) - The Editor’s Choice paper for 34(10) is “Fintech Borrowers: Lax Screening or Cream-Skimming?" by Marco Di Maggio and Vincent Yao. You can read the paper free online.
- [2022 GSU-RFS FinTech Conference](https://sfs.org/2022-gsu-rfs-fintech-conference/) - The Call for Papers for the 2022 GSU-RFS FinTech Conference is now available. The conference, which features a dual submission option with RFS, will take place February 18-19, 2022. The RFS sponsoring editors are Itay Goldstein and Manju Puri. The submission deadline is October 25, 2021. For more details, please see the conference website.
- [Keynote by Manju Puri at Conference on Credit Risk over the Business Cycle](https://sfs.org/keynote-by-manju-puri-at-credit-risk-over-the-business-cycle-conference/) - RFS Editor Manju Puri will be giving the keynote address at the conference on “Credit Risk over the Business Cycle," jointly organized by the Deutsche Bundesbank, Center for Financial Frictions (FRIC), and the Centre for Economic Policy Research (CEPR). The conference will be held virtually from September 27-28, 2021, with Professor Puri's speech on September
- [Political Economy Collection](https://sfs.org/political-economy-collection-2/) - Oxford University Press presents the Political Economy Collection, featuring two RFS papers: Political Influence and the Renegotiation of Government Contracts by Jonathan Brogaard, Matthew Denes, and Ran Duchin Government as Customer of Last Resort: The Stabilizing Effects of Government Purchases on Firms by Jim Goldman The featured papers are free to read through the end
- [Submission system down for maintenance](https://sfs.org/submission-system-down-for-maintenance/) - Please note that Editorial Express will be down for scheduled maintenance from 5pm ET August 26 through 8am ET August 29. You will not be able to submit papers during this time.
- [Texas Finance Festival 2021](https://sfs.org/texas-finance-festival-2021/) - If you submitted a dual submission to RFS with the Texas Finance Festival 2021, you can expect to receive the dual submission decision in mid-October.
- [Special Issue: COVID-19 and Its Impact on Financial Markets and the Real Economy](https://sfs.org/special-issue-covid-19-and-its-impact-on-financial-markets-and-the-real-economy/) - Now available: Special Issue: COVID-19 and Its Impact on Financial Markets and the Real Economy Introduction "COVID-19 and Its Impact on Financial Markets and the Real Economy" by Itay Goldstein, Ralph S. J. Koijen, and Holger M. Mueller Editor’s Choice: "The Macroeconomics of Epidemics" by Martin S. Eichenbaum, Sergio Rebelo, and Mathias Trabandt The entire
- [Ralph Koijen Awarded The Germán Bernácer Prize](https://sfs.org/ralph-koijen-awarded-the-german-bernacer-prize/) - RFS Editor Ralph Koijen is the recipient of the 20th edition of the Germán Bernácer Prize. The prize is awarded annually to "European economists no older than 40 years old who have made outstanding contributions in the fields of macroeconomics and finance."
- [Texas Finance Festival Decisions](https://sfs.org/texas-finance-festival-decisions/) - The dual submission decisions for Texas Finance Festival 2021 have been sent. If you submitted your paper as a dual submission and did not receive your decision email, please contact us.
- [11th Miami Behavioral Finance Conference Decisions](https://sfs.org/11th-miami-behavioral-finance-conference-decisions/) - The dual submission decisions for 11th Miami Behavioral Finance Conference have been sent. If you submitted your paper as a dual submission and did not receive your decision email, please contact us.
- [Keynote by Manju Puri at FBF-SRB-SAFE Conference](https://sfs.org/keynote-by-manju-puri-at-fbf-srb-safe-conference/) - RFS Editor Manju Puri will be giving a keynote entitled "Private Equity and Financial Stability: Evidence from Failed-Bank Resolution in the Crisis" at the FBF-SRB-SAFE Conference on Bank Crisis Management – What Next? The conference will be held online from November 17-18, 2021.
- [Editor’s Choice 34(12)](https://sfs.org/editors-choice-3412/) - The Editor’s Choice paper for 34(12) is "Investors’ Attention to Corporate Governance" by Peter Iliev, Jonathan Kalodimos, and Michelle Lowry. You can read the paper free online.
- [New Issue: January 35(1)](https://sfs.org/new-issue-january-351/) - The January issue of RFS has published! The Editor's Choice paper is: “Swing Pricing and Fragility in Open-End Mutual Funds" Dunhong Jin, Marcin Kacperczyk, Bige Kahraman, and Felix Suntheim
- [New Issue: February 35(2)](https://sfs.org/new-issue-february-352/) - The February issue of RFS has published! The Editor’s Choice paper is: "Methodological Variation in Empirical Corporate Finance" Todd Mitton
- [New Issue: March 35(3)](https://sfs.org/new-issue-march-353/) - The March issue of RFS has published! The Editor’s Choice paper is: "Consumers as Financiers: Consumer Surplus, Crowdfunding, and Initial Coin Offerings" by Jeongmin Lee and Christine A Parlour
- [RFS Editor Manju Puri Testified Before the House Committee on Small Business](https://sfs.org/rfs-editor-manju-puri-testified-before-the-committee-on-small-business/) - RFS Editor Manju Puri testified before the Committee on Small Business, U.S. House of Representatives, in a review of the Paycheck Protection Program on March 16, 2022. Her testimony was based on her research paper "Small Bank Financing and Funding Hesitancy in a Crisis: Evidence from the Paycheck Protection Program." Her research suggests that small
- [Dual Submission Decisions for ECGI Corporations and COVID-19 Conference](https://sfs.org/dual-submission-decisions-for-ecgi-corporations-and-covid-19-conference-2-2/) - The dual submission decisions for the ECGI Corporations and COVID-19 Conference have been sent. If you submitted your paper as a dual submission and did not receive your decision email, please contact us.
- [New Issue: May 35(5)](https://sfs.org/new-issue-may-355/) - The May issue of RFS has published! The Editor’s Choice paper is: "The Cross-Section of Bank Value" by Mark Egan, Stefan Lewellen, and Adi Sunderam
- [New Issue: June 35(6)](https://sfs.org/new-issue-june-356/) - The June issue of RFS has published! The Editor’s Choice paper is: "The Use and Misuse of Patent Data: Issues for Finance and Beyond" by Josh Lerner and Amit Seru
- [Winners of the RFS Awards](https://sfs.org/winners-of-the-rfs-awards-8/) - The winners of the annual RFS Awards were announced at the Awards Reception on May 23 as part of the SFS Cavalcade. We are pleased to share the winners: Michael J. Brennan Best Paper Award "CAPM-Based Company (Mis)valuations" Olivier Dessaint, Jacques Olivier, Clemens A Otto, and David Thesmar Prize: $10,000 Michael J. Brennan Best Paper Runner Up "Climate Change and Long-Run Discount
- [New Issue: July 35(7)](https://sfs.org/new-issue-july-357/) - The July issue of RFS has published! The Editor’s Choice paper is: "Where Has All the Data Gone?" by Maryam Farboodi, Adrien Matray, Laura Veldkamp, and Venky Venkateswaran
- [Editorial Team Changes](https://sfs.org/editorial-team-changes-6-2/) - We are pleased to share that Holger Mueller and Manju Puri have been renewed for second terms as editors. We are grateful to our retiring associate editors: Manuel Adelino Carola Frydman Xavier Giroud Camelia Kuhnen Anna Pavlova And we welcome our incoming associate editors: Jaewon Choi (University of Illinois Urbana-Champaign) Wenxin Du (University of Chicago)
- [CEPR European Conference on Household Finance](https://sfs.org/cepr-european-conference-on-household-finance/) - The Call for Papers for the CEPR European Conference on Household Finance is now available. The conference, which features a dual submission option with RFS, will take place October 5-7, 2022, in Ispra, Italy. The RFS sponsoring editor is Tarun Ramadorai. The submission deadline is July 15, 2022, 12:00pm (BST).
- [New Issue: August 35(8)](https://sfs.org/new-issue-august-358/) - The August issue of RFS has published! The Editor’s Choice paper is: "Housing Consumption and Investment: Evidence from Shared Equity Mortgages" by Matteo Benetton, Philippe Bracke, João F Cocco, and Nicola Garbarino
- [Call for Papers: Big Data and Securities Markets](https://sfs.org/call-for-papers-big-data-and-securities-markets/) - The Call for Papers for Big Data and Securities Markets is now available. The conference, which features a dual submission option with RFS, will take place January 13, 2023, in Cambridge, Massachusetts. The RFS sponsoring editor is Itay Goldstein. The submission deadline is September 23, 2022.
- [Advisory Editor](https://sfs.org/advisory-editor-5/) - We are pleased to welcome Peter C. Mueller to the advisory editor team. Peter is a fourth year PhD candidate in finance at the University of Oklahoma. We thank Tengfei Zhang for his service in the advisory editor role, and wish him the best of luck in his new role as an Assistant Professor of Finance
- [New Issue: September 35(9)](https://sfs.org/new-issue-september-359/) - The September issue of RFS has published! The Editor’s Choice paper is: "Does Career Risk Deter Potential Entrepreneurs?" by Joshua D. Gottlieb, Richard R. Townsend, and Ting Xu
- [Dual Submission Decisions for CEPR European Conference on Household Finance](https://sfs.org/dual-submission-decisions-for-cepr-european-conference-on-household-finance/) - The dual submission decisions for the CEPR European Conference on Household Finance have been sent. If you submitted your paper as a dual submission and did not receive your decision email, please contact us.
- [New Issue: October 35(10)](https://sfs.org/new-issue-october-3510/) - The October issue of RFS has published! The Editor’s Choice paper is: "Credit Ratings and Market Information" by Alessio Piccolo and Joel Shapiro
- [Impact Factor](https://sfs.org/impact-factor-3/) - We are pleased to share that the RFS impact factor for 2021 has risen to 8.414, ranking it 2 out of 111 in the SSCI – Finance category and 10 out of 379 in the SSCI - Economics category (Clarivate, 2021).
- [New Issue: November 35(11)](https://sfs.org/new-issue-november-3511/) - The November issue of RFS has published! The Editor’s Choice paper is: "The Rise of Finance Companies and FinTech Lenders in Small Business Lending" by Manasa Gopal and Philipp Schnabl
- [Dual Submission Decisions for 12th Miami Behavioral Finance Conference](https://sfs.org/ual-submission-decisions-for-12th-miami-behavioral-finance-conference/) - The dual submission decisions for the 12th Miami Behavioral Finance Conference have been sent. If you submitted your paper as a dual submission and did not receive your decision email, please contact us.
- [Editorial Team Changes](https://sfs.org/editorial-team-changes-7-2/) - RFS extends our gratitude to Ralph Koijen, who will be retiring as an Editor on December 31. We are grateful for Ralph's 4.5 years of tremendous service as an Editor, in addition to his 3 years as an Associate Editor. We are pleased to announce that Juhani Linnainmaa will be joining RFS as an Editor.
- [New Issue: January 36(1)](https://sfs.org/new-issue-november-361/) - The January issue of RFS has published! The Editor’s Choice paper is: "Racial Disparities in the Auto Loan Market" by Alexander W. Butler, Erik J. Mayer, and James P. Weston
- [Dual Submission Decisions for NBER-RFS Big Data and Securities Markets Conference](https://sfs.org/dual-submission-decisions-for-nber-rfs-big-data-and-securities-markets-conference/) - The dual submission decisions for the NBER-RFS Big Data and Securities Markets Conference have been sent. If you submitted your paper as a dual submission and did not receive your decision email, please contact us.
- [Part-time Advisory Editor Position](https://sfs.org/part-time-advisory-editor-position/) - A part-time RFS advisory editor position is available for the next academic year. The position will begin on September 1 (or sooner if preferred). Job responsibilities include recommending referees and ensuring that all submission guidelines are met. For more information, see Part-time RFS Advisory Editor Position.
- [Annual Meeting](https://sfs.org/annual-meeting-8/) - The 2022 Society for Financial Studies Annual Meeting will take place at SFS Cavalcade North America at UNC at Chapel Hill in May 2022.
- [Tiered Submission Fees](https://sfs.org/tiered-submission-fees/) - As part of our continued effort to increase access for authors worldwide, the SFS is implementing tiered submission fees for our journals. Authors who reside in middle-income economies will be eligible to pay a reduced submission fee and authors who reside in low-income economies will be eligible for a fee waiver. While our journals have
- [Editor’s Choice 32(5)](https://sfs.org/editors-choice-325/) - The Editor’s Choice article for 32(5) is "The Blockchain Folk Theorem" by Bruno Biais, Christophe Bisière, Matthieu Bouvard, and Catherine Casamatta. You can read the article free online.
- [Dual Submission Decisions for Miami Behavioral Finance Conference](https://sfs.org/dual-submission-decisions-for-miami-behavioral-finance-conference/) - The dual submission decisions for the 10th Miami Behavioral Finance Conference have been sent. If you submitted your paper as a dual submission to RFS and did not receive your decision email, please contact us.
- [Upcoming Keynote Speech](https://sfs.org/upcoming-keynote-speech-5/) - RFS Executive Editor Itay Goldstein will be the keynote speaker at the Santiago Finance Workshop on December 10 at the University of Chile.
- [University of Oklahoma Energy and Climate Finance Research Conference](https://sfs.org/university-of-oklahoma-energy-and-climate-finance-research-conference/) - The Call for Papers for the 2022 (Fourth) University of Oklahoma Energy and Climate Finance Research Conference is now available. The conference, which features a dual submission option with RFS, will take place April 22-23, 2022. The RFS sponsoring editor is Stefano Giglio. The submission deadline is November 30, 2021. For more details, please see
- [New Issue: April 35(4)](https://sfs.org/new-issue-april-354/) - The April issue of RFS has published! The Editor’s Choice paper is: "Managing Households’ Expectations with Unconventional Policies" by Francesco D’Acunto, Daniel Hoang, and Michael Weber
- [GSU-RFS FinTech Conference Keynote](https://sfs.org/gsu-rfs-fintech-conference-keynote/) - RFS Executive Editor Itay Goldstein was the keynote speaker at the 2022 GSU-RFS FinTech Conference. His speech, "Fintech, Decentralization, and Utility Tokens," may be viewed on the conference's YouTube channel.
- [Email Alerts](https://sfs.org/email-alerts/) - Would you like to be notified about new papers? Would you like to receive an email with the table of contents when a new issue publishes online? You can sign up for free email alerts from our publisher, Oxford University Press. Simply create an Oxford My Journals account and select the alerts you'd like to
- [In Memoriam](https://sfs.org/in-memoriam/) - We at the RFS were saddened to learn of the passing of Professor Peter Christoffersen of the University of Toronto. Peter was an Associate Editor of the RFS from 2012-2015, and a valued member of the Society for Financial Studies. We extend our sympathies to his wife, Professor Susan Christoffersen, and his family. Rotman has
- [2019 University of Oklahoma Energy and Commodities Finance Research Conference](https://sfs.org/2019-university-of-oklahoma-energy-and-commodities-finance-research-conference/) - The 2019 University of Oklahoma Energy and Commodities Finance Research Conference will feature a dual submission option with RFS. The RFS sponsoring editor is Philip Strahan. The deadline for submissions is May 15, 2019. The conference will take place September 19-20, 2019, on the OU campus in Norman, Oklahoma. The Call for Papers may be viewed here.
- [RFS Award Winners at the Cavalcade](https://sfs.org/rfs-award-winners-at-the-cavalcade/) - Photos from the SFS Cavalcade are now available on the conference website.
- [RCFS Conference - Call for Papers](https://sfs.org/rcfs-conference-call-for-papers/) - RCFS announces its first conference, which will be held February 16-18, 2018, in Nassau, the Bahamas. The sponsoring editors are Paolo Fulghieri, Efraim Benmelech, Gregor Matvos, and Uday Rajan. The submission deadline is October 31, 2017. The Call for Papers may be viewed here.
- [Program for CSEF-RCFS Conference on Finance, Labor, and Inequality](https://sfs.org/program-for-csef-rcfs-conference-on-finance-labor-and-inequality/) - The program for the CSEF-RCFS Conference on Finance, Labor, and Inequality is available online. The conference, which featured a dual submission option with RCFS, will take place June 21-22 in Capri.
- [Program for First CUHK-RCFS Conference on Corporate Finance and Financial Intermediation](https://sfs.org/program-for-irst-cuhk-rcfs-conference-on-corporate-finance-and-financial-intermediation/) - The program for the First CUHK-RCFS Conference on Corporate Finance and Financial Intermediation conference is available online. The conference, which featured a dual submission option with RCFS, will take place June 3-4, 2019, at The Chinese University of Hong Kong.
- [New RCFS Issue: September 2019](https://sfs.org/new-rcfs-issue-september-2019/) - The new issue of RCFS, 8(2) September 2019, has published. The Editor’s Choice paper is "Contingent Capital Trigger Effects: Evidence from Liability Management Exercises" by Boris Vallée. Editor's Choice papers are free to read online.
- [New Feature: The RCFS Blog](https://sfs.org/new-feature-the-rcfs-blog/) - The Review of Corporate Finance Studies presents a new initiative: the RCFS Blog, written by Executive Editor Andrew Ellul. The blog will feature commentary on published papers as well as on papers presented at RCFS-sponsored conferences. In the inaugural post, Professor Ellul discusses two papers that were presented at the conference on Finance, Labor, and
- [Dual Submission Decisions for SFS Cavalcade North America 2020](https://sfs.org/dual-submission-decisions-for-sfs-cavalcade-north-america-2020/) - The RAPS and RCFS dual submission decisions for SFS Cavalcade North America 2020 have been sent. If you submitted your paper as a dual submission to RAPS or RCFS and did not receive your decision email, please contact us.
- [Introducing the Prior Review Process](https://sfs.org/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
- [Camelia Kuhnen Joining the RCFS Team](https://sfs.org/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
- [Call for Papers: 2021 RCFS Winter Conference](https://sfs.org/call-for-papers-2021-rcfs-winter-conference/) - The 2021 RCFS Winter Conference is now accepting submissions. Please see the Call for Papers and the Call for Registered Reports on Discrimination, Disparities, and Diversity in Finance for more details. The conference, which features a dual submission option with RCFS, will take place virtually on February 13 and 14, 2021. The sponsoring editors are Andrew
- [Special Issue: COVID-19 Pandemic Crisis and Corporate Finance](https://sfs.org/special-issue-covid-19-pandemic-crisis-and-corporate-finance/) - 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
- [Last Call for Paper Submissions: RCFS Winter Conference](https://sfs.org/last-call-for-paper-submissions-rcfs-winter-conference/) - The final day to submit papers to the RCFS Winter Conference is December 1, 2020. The conference, which features a dual submission option with RCFS, will take place virtually on February 13 and 14, 2021. The sponsoring editors are Andrew Ellul, Isil Erel, Camelia Kuhnen, and Uday Rajan. The submission deadline for Registered Reports on
- [RCFS Winter Conference Paper Submissions](https://sfs.org/rcfs-winter-conference-paper-submissions/) - The submission period for papers for the RCFS Winter Conference is closed. The submission period for registered reports is open until December 21.
- [RCFS Winter Conference: Update](https://sfs.org/rcfs-winter-conference-update/) - The deadline for submissions of papers and registered reports for the RCFS Winter Conference is over. The Editorial Board has received 410 papers and 32 registered reports. We will finish the review process in early January and will inform all submitters by mid-January 2021.
- [RCFS Winter Conference: Decisions](https://sfs.org/rcfs-winter-conference-decisions/) - Decisions for submitted papers and registered reports have been sent. If you selected dual submission, you will receive a separate email from RCFS. Conference registration will be available soon on the RCFS Winter Conference website.
- [RCFS Winter Conference Program](https://sfs.org/rcfs-winter-conference-program/) - The program for the RCFS Winter Conference is now available. The conference will be held virtually from February 12-14, 2021. Registration is available on the conference web site. The deadline to register is February 8.
- [Final Day to Register: RCFS Winter Conference](https://sfs.org/final-day-to-register-rcfs-winter-conference/) - Today is the final day to register for the RCFS Winter Conference. Registration is available on the conference web site.
- [Registration Closed: RCFS Winter Conference](https://sfs.org/registration-closed-rcfs-winter-conference/) - The registration for the RCFS Winter Conference is now closed.
- [RCFS Keynote Speaker](https://sfs.org/rcfs-keynote-speaker-3/) - RCFS is pleased to announce that Amir Sufi (The University of Chicago Booth School of Business) will be the RCFS Keynote Speaker at Cavalcade North America 2021. The keynote will take Tuesday, May 25, 2021, from 3:45-4:30pm.
- [Robert Marquez Joining the RCFS Team](https://sfs.org/robert-marquez-joining-the-rcfs-team/) - We are pleased to announce that Robert Marquez is joining RCFS as an editor. Robert is a professor of finance at University of California, Davis. He is an expert in banking and corporate finance and is currently an associate editor at Management Science. His first day will be July 1, 2021.
- [Dual Submission Decisions for SFS Cavalcade](https://sfs.org/dual-submission-decisions-for-sfs-cavalcade/) - The dual submission decisions for the SFS Cavalcade North America 2021 have been sent. If you submitted your paper as a dual submission and did not receive your decision email, please contact us.
- [Call for Papers and Proposals: RCFS Winter Conference 2022](https://sfs.org/call-for-papers-and-proposals-rcfs-winter-conference-2022/) - The 2022 RCFS Winter Conference is now accepting submissions. Please see the Call for Papers and the Call for Registered Reports/Proposals on “Finance for the Greater Good” for more details. The conference, which features a dual submission option with RCFS, will take place February 19-20, at the Margaritaville Hollywood Beach Resort in Florida. The sponsoring editors are Andrew
- [Call for Papers and Proposals: RCFS Winter Conference 2022](https://sfs.org/call-for-papers-and-proposals-rcfs-winter-conference-2022-2/) - 2022 RCFS Winter Conference February 19-20, 2022 Margaritaville Hollywood Beach Resort, Florida RCFS Sponsoring Editors: Andrew Ellul, Isil Erel, Camelia Kuhnen, Robert Marquez Call for Papers Submission Deadline: November 19, 2021 Call for Registered Reports/Proposals on “Finance for the Greater Good” Submission Deadline: December 5, 2021
- [Final Day to Submit Your Paper!](https://sfs.org/final-day-to-submit-your-paper/) - The deadline to submit a paper to the 2022 RCFS Winter Conference is today, November 19! For details, visit Call for Papers. The deadline for Registered Reports/Proposals on “Finance for the Greater Good” is December 5, 2021.
- [RCFS Winter Conference Update](https://sfs.org/rcfs-winter-conference-update-2/) - The paper submissions for the 2022 RCFS Winter Conference are now closed, but there is still time to submit a registered report! The deadline for Registered Reports/Proposals on “Finance for the Greater Good” is December 5, 2021.
- [RCFS Winter Conference Update](https://sfs.org/rcfs-winter-conference-update-3/) - The submission period for the 2022 RCFS Winter Conference is closed.
- [RCFS Winter Conference Program](https://sfs.org/rcfs-winter-conference-program-2/) - The program for the RCFS Winter Conference is available on the conference website. The conference will take place February 18-20, 2022, at the Margaritaville Hollywood Beach Resort in Florida.
- [RCFS Keynote Speaker](https://sfs.org/rcfs-keynote-speaker-4/) - RCFS is pleased to announce that Tarun Ramadorai (Imperial College London) will be the RCFS Keynote Speaker at Cavalcade North America 2022. The keynote will take place on Monday, May 23.
- [SFS Cavalcade North America 2022 Dual Submissions](https://sfs.org/sfs-cavalcade-north-america-2022-dual-submissions-2/) - The RCFS dual submission decisions for SFS Cavalcade North America 2022 have been sent. The RAPS dual decisions were previously sent. If you submitted your paper as a dual submission and did not receive your decision email, please contact us.
- [Publishing in Finance: Fireside Chats with Journal Editors](https://sfs.org/publishing-in-finance-fireside-chats-with-journal-editors-2/) - RCFS Executive Editor Andrew Ellul will take part in the Publishing in Finance: Fireside Chats with Journal Editors webinar series on May 18 at 12pm ET. Sign up here.
- [Call for Papers and Proposals: RCFS Winter Conference 2023](https://sfs.org/call-for-papers-and-proposals-rcfs-winter-conference-2023/) - The 2023 RCFS Winter Conference is now accepting submissions. Please see the Call for Papers and the Call for Proposals on “Corporate Market Power: Drivers and Financial Consequences” for more details. The conference, which features a dual submission option with RCFS, will take place February 18-19, 2023, at the Royal Sonesta in San Juan, Puerto
- [Prior Review Process](https://sfs.org/prior-review-process-3/) - RCFS has a submission option for papers that were previously reviewed by other journals. 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
- [Call for Papers and Proposals: RCFS Winter Conference 2023](https://sfs.org/call-for-papers-and-proposals-rcfs-winter-conference-2023-3/) - 2023 RCFS Winter Conference February 18-19, 2023 Royal Sonesta San Juan, Puerto Rico Call for Papers Submission Deadline: November 10, 2022 Call for Proposals on “Corporate Market Power: Drivers and Financial Consequences” Submission Deadline: November 30, 2022
- [Final Day to Submit Papers: RCFS Winter Conference](https://sfs.org/final-day-to-submit-papers-rcfs-winter-conference/) - Today is the final day to submit papers to the 2023 RCFS Winter Conference. Make sure to begin your submission with enough time to complete it before the deadline. The submission deadline for proposals is November 30.
- [Final Day to Submit Proposals: RCFS Winter Conference](https://sfs.org/final-day-to-submit-proposals-rcfs-winter-confererence/) - Today is the final day to submit Registered Reports/Proposals on “Corporate Market Power: Drivers and Financial Consequences” to the 2023 RCFS Winter Conference. Make sure to begin your submission with enough time to complete it before the deadline.
- [Latest Forthcoming Paper](https://sfs.org/latest-forthcoming-paper-5/) - “Dynamic Investment, Capital Structure, and Debt Overhang” by Suresh Sundaresan, Neng Wang, and Jinqiang Yang
- [Latest Forthcoming Paper](https://sfs.org/latest-forthcoming-paper-6/) - “The Costs and Benefits of Clawback Provisions in CEO Compensation” by Mark Andrew Chen, and Daniel Greene, and James Owers
- [Submission Period is Now Open for Cavalcade 2015](https://sfs.org/submission-period-is-now-open-for-cavalcade-2015-2/) - The Cavalcade 2015 submission period is now open. To submit, please visit Cavalcade 2015. The deadline for submissions is midnight PST December 8, 2014. Reminder for doctoral students: For papers in which ALL co-authors are doctoral students, the submission fee is waived. Cavalcade 2015 features dual submission with RCFS! To be considered for dual submission, be sure
- [Dual Submission to Cavalcade 2015](https://sfs.org/dual-submission-to-cavalcade-2015-2/) - Did you know that Cavalcade 2015 features a dual submission option with The Review of Corporate Finance Studies? The submission deadline is December 8, 2014. For details, visit Cavalcade 2015.
- [Cavalcade 2015 Submission Deadline Approaching](https://sfs.org/cavalcade-2015-submission-deadline-approaching-2/) - There is only one week left to submit your paper to Cavalcade 2015! The deadline for submissions is midnight PST December 8, 2014. To submit, visit Cavalcade 2015.
- [Editor’s Choice: March](https://sfs.org/editors-choice-march/) - The Editor’s Choice article for March 2015 (issue 4/1) is “Dynamic Investment, Capital Structure, and Debt Overhang ” by Suresh Sundaresan, Neng Wang, and Jinqiang Yang. You can read the article free online here.
- [Registration is Now Open for Cavalcade 2015](https://sfs.org/registration-is-now-open-for-cavalcade-2015-2/) - You can now register online for the 2015 SFS Finance Cavalcade, which will take place May 17-20, 2015, at the Scheller College of Business at Georgia Tech. Early registration will be $100 for members and $140 for nonmembers. Beginning April 1, the registration rate will increase to $125 for members and $165 for nonmembers. The registration fee will be waived
- [Latest Forthcoming Papers](https://sfs.org/latest-forthcoming-papers/) - "The Financial Crisis of 2007-09: Why Did It Happen and What Did We Learn?" by Anjan Thakor and "Securitization and Banks’ Capital Structures" by Andrés Almazan, Alfredo Martin-Oliver, Jesús Saurina
- [New RCFS Issue: March 2015](https://sfs.org/new-rcfs-issue-march-2015/) - The new issue of RCFS 4(1) March 2015 has mailed. If you have a subscription, you can also view the issue online here. If you don't have a subscription, you can still view the Editor's Choice article for free online!
- [Cavalcade 2015 Program Now Available](https://sfs.org/cavalcade-2015-program-now-available-2/) - The program for Cavalcade 2015 is now available. Check it out on the Cavalcade 2015 web site!
- [Latest Forthcoming Paper](https://sfs.org/latest-forthcoming-paper/) - “Do Consumers Choose the Right Credit Contracts?” by Sumit Agarwal, Souphala Chomsisengphet, Chunlin Liu, and Nicholas S Souleles
- [Final Week for Early Registration](https://sfs.org/final-week-for-early-registration-3/) - Register for the Cavalcade by March 31 to pay the early registration fee of $100 for SFS members or $140 for nonmembers. Registration fees increase on April 1! Register online at Cavalcade 2015.
- [Changes to the Editorial Team](https://sfs.org/changes-to-the-editorial-team/) - RCFS announces the retirement of Editor Christopher Hennessy. Christopher was one of the founding Editors of RCFS, and we are very grateful for his invaluable contributions to establishing the Review. We thank him very much for his service. At the same time we are very proud to announce that Uday Rajan of the University of Michigan
- [RCFS Awards to be Announced May 19th](https://sfs.org/rcfs-awards-to-be-announced-may-20th/) - We'll be announcing the winners of this year's RCFS Best Paper Award and RCFS Referee of the Year Award at the Awards Reception held on May 19th at Cavalcade 2015. The Best Paper Award has a prize of $10,000 and the Referee of the Year has a $1000 prize! To see winners from previous years, visit RCFS Awards.

## Pages

- [Home](https://sfs.org/) - The Society for Financial Studies (SFS) publishes the Review of Financial Studies (RFS), the Review of Asset Pricing Studies (RAPS), and the Review of Corporate Finance Studies (RCFS). SFS also runs two conferences: SFS Cavalcade North America and SFS Cavalcade Asia-Pacific.
- [Appeals](https://sfs.org/review-of-asset-pricing-studies/appeals/) - You may submit an appeal here. The appeals process is designed as an alternative procedure to ensure authors are treated fairly. If you believe that errors in the decision process, if corrected, will lead the editor to consider a revision, you may wish to avail yourself of the appeals process. Availing yourself of this process
- [Appeals](https://sfs.org/review-of-corporate-finance-studies/appeals/) - You may submit an appeal here. The appeals process is designed as an alternative procedure to ensure authors are treated fairly. If you believe that errors in the decision process, if corrected, will lead the editor to consider a revision, you may wish to avail yourself of the appeals process. Availing yourself of this process
- [Appeals](https://sfs.org/review-of-financial-studies/appeals/) - You may submit an appeal here. The appeals process is designed as an alternative procedure to ensure authors are treated fairly. If you believe that errors in the decision process, if corrected, will lead the editor to consider a revision, you may wish to avail yourself of the appeals process. Availing yourself of this process
- [SFS Cavalcade Asia-Pacific 2026](https://sfs.org/sfs-cavalcade-asia-pacific-2026/) - City University of Hong KongDecember 7-9, 2026 Updates: July 1 - Reviewers have been sent their assignments. Reviews are due August 18. Conference Chairs Chair: Jun QJ Qian (Fudan University)Vice Chair: Xiaoyun Yu (Shanghai Jiao Tong University)Associate Chair: Jaewon Choi (Seoul National University)Host’s Faculty Sponsors: Kalok Chan, Weikai Li Submitting Your Paper -The submission period is
- [Editorial Team](https://sfs.org/review-of-financial-studies/editorial-team/) - Unless otherwise noted, terms begin in July and end in June. Executive Editors Tarun Ramadorai: London School of Economics and Imperial College London (2024 - 2027) Editors Viral Acharya: New York University (Sep 1, 2025 - 2028) Xavier Giroud: Columbia Business School (Oct 1, 2025 - 2028) Andrey Malenko: Boston College (2024 – 2027) Anna Pavlova: London Business School (2023 -
- [Editorial Team](https://sfs.org/review-of-corporate-finance-studies/editorial-team/) - Unless otherwise noted, terms begin in July and end in June. Executive Editor Isil Erel: The Ohio State University (2024 - 2027) Editors Anthony Cookson: Penn State University (2024 - 2027) Michelle Lowry: Drexel University (Oct 1, 2023 - 2029) Robert Marquez: UC Davis (2021 - 2027) Associate Editors Pat Akey: ESSEC Business School (Aug 1, 2024 - 2027) Tania Babina: University of Maryland
- [SFS Council](https://sfs.org/council/) - Officers President: Philip Strahan, Boston College (December 17, 2025 - ) Vice President: Alon Brav, Duke University (January 1, 2026 - ) Secretary/Treasurer: Laura Field, University of Delaware (March 1, 2026 - ) Council Chair: Jonathan Karpoff, University of Washington (2024 - 2027) Zhi Da, University of Notre Dame (2024 - 2027)
- [SFS Cavalcade North America](https://sfs.org/financecavalcades/sfs-cavalcade-north-america/) - The SFS Cavalcade is a conference covering all areas of finance. Our goal is to provide a setting that produces the kind of in-depth participation of a smaller conference while accommodating the variety of papers of a larger conference. The SFS Cavalcade conference is a joint project of the Review of Financial Studies, the Review
- [SFS Cavalcade North America 2026 Photos](https://sfs.org/sfs-cavalcade-north-america-2026-photos/) - Written by Jaclyn Einstein, SFS, June 2026Photo Credit: Andrew Shurtleff Photography, LLC The 16th annual SFS Cavalcade North America conference took place May 18-21, 2026. The Darden School of Business, University of Virginia, served as the Cavalcade’s first ever repeat host, having previously hosted in 2012. The Society for Financial Studies expresses our gratitude to
- [SFS Cavalcade North America 2026](https://sfs.org/sfs-cavalcade-north-america-2026/) - Darden Graduate School of Business Administration, University of VirginiaMay 18-21, 2026 PROGRAMProgram Committee Photos and Conference Summary Conference Chairs Chair: Joshua D. Rauh (Stanford Graduate School of Business)Vice Chair: Stefano Giglio (Yale School of Management)Associate Chair: Stavros Panageas (UCLA Anderson)Host’s Faculty Sponsor: Marc LipsonEvent Organization by Jaclyn Einstein (SFS), Shannon Diminick (Diminick Event Design), and Laura
- [Conferences](https://sfs.org/review-of-corporate-finance-studies/conference-archive/) - Current MoFiR Workshop on Banking: July 7-8, 20262020-2022, 2024 - ongoing Financial Decision Making Conference: August 6-7, 2026 Conference on Technology, Financial Services, and Evolving Societal Needs: September 4–5, 2026 RCFS/RAPS Europe Conference in Cambridge: September 22, 20262025 – ongoing SFS Cavalcade Asia-Pacific: December 7-9, 20262017 – ongoing CUHK-RAPS-RCFS Conference on Asset Pricing and Corporate
- [Conferences](https://sfs.org/review-of-asset-pricing-studies/conference-archive/) - Current IRMC International Risk Management Conference: June 22-23, 20262024 Financial Decision Making Conference: August 6-7, 2026 Alpine Finance Summit: August 23-25, 2026 RCFS/RAPS Europe Conference in Cambridge: September 22, 20262025 - ongoing SFS Cavalcade Asia-Pacific: December 7-9, 20262017 – ongoing CUHK-RAPS-RCFS Conference on Asset Pricing and Corporate Finance: December 13-15, 20262023 - ongoing SFS Cavalcade
- [Financial Information](https://sfs.org/financial-information/) - 2025 Financial Report Handout 2024 990 2023 990 2022 990 2021 990 2020 990 2019 990 2018 990 2017 990 2016 990
- [SFS Council Meeting Minutes](https://sfs.org/council/sfs-council-meeting-minutes/) - Reports from SFS Council Meetings 2025 December Council Meeting Report 2025 May Council Meeting Report 2024 December Council Meeting Report 2024 May Council Meeting Report 2023 December Council Meeting Report 2023 May Council Meeting Report 2023 January Council Meeting Report 2022 May Council Meeting Report 2022 January Council Meeting Report 2021 June Council Meeting Report
- [SFS Cavalcade North America 2024](https://sfs.org/sfs-cavalcade-north-america-2024/) - Georgia State UniversityMay 19-22, 2024 Program 2024 Awards Photos Conference Chairs Chair: Jules van Binsbergen (The Wharton School)Vice Chair: Laura Veldkamp (Columbia Business School)Associate Chair: Joshua D. Rauh (Stanford Graduate School of Business)Host’s Faculty Sponsor: Hadiye AslanEvent Organization by Bibi Williams (Organized Khaos Events) and Jaclyn Einstein (SFS) Keynote Speakers Cavalcade Keynote: Jules van Binsbergen
- [SFS Cavalcade North America 2025](https://sfs.org/sfs-cavalcade-north-america-2025/) - Stevens Institute of TechnologyMay 19-22, 2025 PROGRAMPresenting authors are underlined on the program. Conference Chairs Chair: Laura Veldkamp (Columbia Business School)Vice Chair: Joshua D. Rauh (Stanford Graduate School of Business)Associate Chair: Stefano Giglio (Yale School of Management)Host’s Faculty Sponsors: Suman Banerjee, Stefano BoniniEvent Organization by Jaclyn Einstein (SFS) and Kate Marsden (Stevens Institute) Keynote Speakers
- [By-Laws](https://sfs.org/by-laws/) - Current By-Laws Previous By-Laws (2019) Previous By-Laws (2012) Previous By-Laws (2005) Original By-Laws First Amendments to the By-Laws: Report of Committee (1998) First Amendments to the By-Laws: Suggested Amendment (1999) Second Amendment to the By-Laws: Special Ballot (2005)
- [Conferences](https://sfs.org/review-of-financial-studies/conference-archive/) - Current SFS Cavalcade Asia-Pacific: December 7-9, 20262017 - ongoing SFS Cavalcade North America: May 18-21, 20272011 - ongoing WEFIDEV RFS-CEPR Conference2025 - ongoing Archive UNC-RFS Energy Finance and Climate Transition Risk Conference2026 University of Oklahoma Climate and Energy Finance Research Conference2015, 2017, 2019, 2022, 2024 Miami Behavioral Finance Conference, 2012, 2014, 2015, 2016, 2018, 2019,
- [RFS Statistics](https://sfs.org/rfs-statistics/) - 2026-Submissions: 1664[Includes new submissions and dual submissions. Does not include resubmissions.]-Acceptance Rate: 7.27%-Turnaround Time: median 30 days, mean 34 days[Data for 5/1/25–5/1/26] 2025-Submissions: 1474 [Includes new submissions and dual submissions. Does not include resubmissions.]-Acceptance Rate: 8.1%-Turnaround Time: median 33 days, mean 38 days[Data for 5/8/24–5/8/25] 2024-Submissions: 1544 [Includes new submissions and dual submissions. Does not
- [RAPS Statistics](https://sfs.org/raps-statistics/) - 2026–Submissions: 305[Includes new submissions and dual submissions. Does not include resubmissions.]–Acceptance Rate: 4.6%–Turnaround Time: median 32 days, mean 23 days[Data for 5/1/25–5/1/26] 2025–Submissions: 240[Includes new submissions and dual submissions. Does not include resubmissions.]–Acceptance Rate: 3.8%–Turnaround Time: median 24 days, mean 29 days[Data for 5/8/24–5/8/25] 2024–Submissions: 185[Includes new submissions and dual submissions. Does not include resubmissions.]–Acceptance Rate: 11.0%–Turnaround Time: median 35 days, mean 39 days[Data
- [RCFS Statistics](https://sfs.org/rcfs-statistics/) - 2026–Submissions: 350[Includes new submissions and dual submissions. Does not include resubmissions.]–Acceptance Rate: 8.3%–Turnaround Time: median 22 days, mean 26 days[Data for 5/1/25–5/1/26] 2025–Submissions: 365[Includes new submissions and dual submissions. Does not include resubmissions.]–Acceptance Rate: 8.2%–Turnaround Time: median 24 days, mean 29 days[Data for 5/8/24–5/8/25] 2024–Submissions: 340[Includes new submissions and dual submissions. Does not include resubmissions.]–Acceptance Rate: 8.96%–Turnaround Time: median 37 days, mean 57 days[Data
- [Best Paper in Asset Pricing](https://sfs.org/best-paper-in-asset-pricing/) - The Best Paper in Asset Pricing Award is presented at SFS Cavalcade North America and SFS Cavalcade Asia-Pacific. 2026 North America, $1000 Sponsored by Wharton Research Data Services “A Bound on Price Impact and Disagreement” Philippe van der Beck, Lorenzo Bretscher, and Julie Zhiyu Fu 2025 Asia-Pacific, $1000 Sponsored by Wharton Research Data Services "Rethinking
- [Best Paper in Corporate Finance](https://sfs.org/cavalcade-best-paper-in-corporate-finance/) - The Best Paper in Corporate Finance Award is presented at SFS Cavalcade North America and SFS Cavalcade Asia-Pacific. 2026 North America, $1000 Sponsored by Wharton Research Data Services “Monetary Policy and Investment Plans” Julia Selgrad and Kerry Siani 2025 Asia-Pacific, $1000 Sponsored by Wharton Research Data Services "Code-Washing: Evidence From Open-Source Blockchain Startups" Ofir Gefen,
- [RAPS/RCFS Europe Conference 2026](https://sfs.org/raps-rcfs-europe-conference-2026/) - 2026 RAPS/RCFS Europe Conference in Cambridge September 22, 2026Cambridge University, England Decisions will be sent mid-July. The submission period has ended. Submitting Your Paper -Call for Papers-Submission Deadline: June 1, 2026 Keynote Speaker Xavier Giroud (Columbia Business School) Dual Submission Option with RAPS and RCFS You have the option to elect dual submission to either
- [Review of Corporate Finance Studies](https://sfs.org/review-of-corporate-finance-studies/) - The Review of Corporate Finance Studies aims to publish research of the highest quality in the field of corporate finance, broadly defined. RCFS will review papers on the basis of their original contribution to the field of corporate finance. Editors Isil Erel: The Ohio State University (Executive Editor)Anthony Cookson: Penn State UniversityMichelle Lowry: Drexel UniversityRobert Marquez: UC Davis News from
- [Submission Fees](https://sfs.org/submission-fees/) - Updated June 1, 2026. List adapted from the World Bank. High-Income Economies American Samoa Andorra Antigua and Barbuda Aruba Australia Austria Bahamas, The Bahrain Barbados Belgium Bermuda British Virgin Islands Brunei Darussalam Bulgaria Canada Cayman Islands Channel Islands Chile Costa Rica Croatia Curaçao Cyprus Czechia Denmark Estonia Faroe Islands Finland France French Polynesia Germany Gibraltar
- [Accepted Papers Checklist](https://sfs.org/accepted-papers-checklist/) - Checklist for Preparing Your Paper for Publication in RFS, RAPS, or RCFS [Updated May 28, 2026] Please read the following instructions carefully. 1. Upload your replication code to the dataverse (RFS | RAPS | RCFS) per the code sharing policy (RFS | RAPS | RCFS). [RFS papers accepted after October 1, 2025, have already completed this step
- [RFS Rising Scholar Award](https://sfs.org/review-of-financial-studies/awards/rfs-rising-scholar-award/) - 2026, $5000, sponsored by The Bureau "The Fed and the Secular Decline in Interest Rates"Sebastian Hillenbrand 2025, $5000 "Are Bankruptcy Professional Fees Excessively High?" Samuel Antill 2024, $5000 “Regulatory Limits to Risk Management” Ishita Sen 2023, $5000 “Biased by Choice: How Financial Constraints Can Reduce Financial Mistakes” Rawley Z. Heimer and Alex Imas 2022, $5000
- [RFS Referee Awards](https://sfs.org/review-of-financial-studies/awards/rfs-referee-awards/) - Referee of the Year Award 2026, $1000: Marco Giacoletti2025, $1000: James Vickery 2024, $1000: Yiming Ma 2023, $1000: Nadya Malenko 2022, $1000: Joan Farre-Mensa 2021, $1000: Michael Weber 2020, $1000: Sabrina Howell 2019, $1000: Alexi Savov 2018, $1000: Ashwini Agrawal 2017, $1000: Thierry Foucault 2016, $1000: Amiyatosh Purnanandam 2015, $1000: Paolo Pasquariello 2014, $1000: Gerard
- [Michael J. Brennan Best Paper Award](https://sfs.org/review-of-financial-studies/awards/michael-j-brennan-best-paper-award/) - 2026 Winner, $10,000 "In Safe Hands: The Financial and Real Impact of Investor Composition over the Credit Cycle" Antonio Coppola 2026 Runner Up, $5000 "Gold's value as an investment" Urban J. Jermann 2025 Winner, $10,000 "Who Can Tell Which Banks Will Fail?" Kristian Blickle, Markus Brunnermeier, Stephan Luck 2025 Runner Up, $5000 "Noise in Expectations:
- [Awards](https://sfs.org/review-of-asset-pricing-studies/awards/) - The RAPS journal awards are presented annually at SFS Cavalcade North America. Best Paper Award 2026, $10,000 “Priority Rules, Internalization, and Payment for Order Flow" Hans Degryse and Nikolaos Karagiannis 2025, $10,000 “Loss Sharing in Central Clearinghouses: Winners and Losers" Christian Kubitza, Loriana Pelizzon, and Mila Getmansky Sherman 2024, $10,000 “The Effect of Innovation Similarity
- [Awards](https://sfs.org/review-of-corporate-finance-studies/awards/) - The RCFS journal awards are presented annually at SFS Cavalcade North America. Best Paper Award 2026, $10,000 "Human Capital Reallocation across Firms: Evidence from Idiosyncratic Shocks" Erik P Gilje, Jérôme P. Taillard, and Linghang Zeng 2025, $10,000 "Economic Significance in Corporate Finance" Todd Mitton 2024, $10,000 “Do Managers Do Good with Other People’s Money?” Ing-Haw
- [Arthur Warga Award](https://sfs.org/arthur-warga-award/) - The Arthur Warga Award for Best Paper in Fixed Income is presented at SFS Cavalcade North America and SFS Cavalcade Asia-Pacific. The prize is equal to 2% of the endowment at the time it is awarded. This prize is made possible by the support of: Brent Ambrose | Kelly N. Cai | Sudheer Chava |
- [Cavalcade PhD Student Grants](https://sfs.org/cavalcade-phd-student-grants/) - The SFS provides up to 8 travel grants to PhD student authors to attend SFS Cavalcade North America. PhD Grant Details To qualify, all authors of a paper must be PhD students at the time of the conference. A grant of up to $1000 will be awarded to the presenting author who travels from North America, or up
- [Guidelines for Submissions](https://sfs.org/guidelines-for-submissions/) - These guidelines are for new submissions and resubmissions. Submissions will not be reviewed until they adhere to the guidelines. Your submission must include a cover page PDF with author contact information and a separate manuscript PDF without identifying information. The cover page file: -must include the paper title. -must include the name, affiliation, and email
- [Errata Policy](https://sfs.org/errata-policy/) - [Updated March 2022] Errata/corrigenda will be approved only in cases in which the executive editor determines that the error will cause fundamental confusion in understanding and interpreting the paper. Changes to affiliation and typos do not qualify. This policy applies to papers that are published in print, as well as papers that are published as
- [SFS Cavalcade North America 2028](https://sfs.org/sfs-cavalcade-north-america-2028/) - Hosted by Carroll School of Management, Boston CollegeMay 23-25, 2028 Conference Chairs Chair: Stavros Panageas (UCLA Anderson)Vice Chair: TBAAssociate Chair: TBAHost’s Faculty Sponsor: Philip Strahan
- [Conference Chairs: Cavalcade Asia-Pacific](https://sfs.org/financecavalcades/sfs-cavalcade-asia-pacific/conference-chairs-cavalcade-asia-pacific/) - 2026, City University of Hong Kong Chair: Jun QJ Qian (Fudan University) Vice Chair: Xiaoyun Yu (Shanghai Jiao Tong University) Associate Chair: Jaewon Choi (Seoul National University) Host’s Faculty Sponsors: Kalok Chan, Weikai Li (CUHK) 2025, Tsinghua PBC School of Finance Chair: Chen Lin (University of Hong Kong) Vice Chair: Jun QJ Qian (Fudan University) Associate
- [Editorial Team](https://sfs.org/review-of-asset-pricing-studies/editorial-team/) - Unless otherwise noted, terms begin in July and end in June. Executive Editor Zhiguo He: Stanford University (January 1, 2022 - December 31, 2027) Editors Riccardo Colacito: UNC Kenan-Flagler Business School (Aug 1, 2024 – 2027) Joël Peress: INSEAD (November 1, 2024 - 2027) Norman Schürhoff: Swiss Finance Institute (Nov 1, 2022 - 2028) Associate Editors Ravi Bansal: Duke University (2022 - 2028) Frederico Belo: INSEAD (2021 -
- [Review of Financial Studies](https://sfs.org/review-of-financial-studies/) - The Review of Financial Studies aims to publish research of the highest quality in the field of financial economics, broadly defined. RFS will review papers on the basis of their original contribution to the field of financial economics. Editors Tarun Ramadorai: LSE and Imperial College London (Executive Editor)Viral Acharya: New York UniversityXavier Giroud: Columbia Business SchoolAndrey Malenko: Boston
- [RAPS/RCFS Europe Conference 2025](https://sfs.org/raps-rcfs-europe-conference-2025/) - 2025 RAPS/RCFS Europe Conference in Cambridge September 16-17, 2025 Cambridge University, England PROGRAM Submitting Your Paper -Submissions are closed. The submission period ended July 1.–Call for Papers Decisions -Conference decisions have been sent. -Dual submission decisions from RCFS and RAPS have been sent. Dual Submission Option with RAPS and RCFS You have the option to elect dual
- [RAPS/RCFS Europe Conference](https://sfs.org/raps-rcfs-europe-conference/) - 2026 RAPS/RCFS Europe Conference in Cambridge: September 22 Past Conferences 2025 RAPS/RCFS Europe Conference in Cambridge: September 16-17
- [RCFS Winter Conference 2026](https://sfs.org/rcfs-winter-conference-2026/) - February 13-15, 2026 (Presidents’ Day weekend)Royal Sonesta, San Juan, Puerto Rico PROGRAM The Society for Financial Studies is hosting the ninth annual Review of Corporate Finance Studies Winter Conference on February 14 and 15, 2026, starting with a welcome reception on Friday, February 13th, in the evening and ending after lunch on Sunday, February 15th.
- [Dual Submission Policy](https://sfs.org/dualsubmissionpolicy/) - [Updated 6.20.25] About Dual Submission -SFS journals partner with some conferences to offer an optional dual submission process, which allows authors to be considered by the journal, in addition to the conference, without paying the journal submission fee. -To be considered for the dual submission process, you must indicate with your submission to the conference
- [Submit a Report](https://sfs.org/review-of-corporate-finance-studies/submit-a-report/) - Before uploading your report and cover letter, please ensure your referee report does not contain any identifying information. If you run into any problems while submitting your report, please do not hesitate to contact the editorial office. We thank you for the time and effort you put into reviewing. To submit your report, please use the
- [Review and Refund Policies](https://sfs.org/review-of-corporate-finance-studies/review-policy/) - Our goal is to provide a high-quality review experience for our authors with fast turnaround times and quality reports. Revision Rounds Our goal is to make a decision on every manuscript in two or three rounds. This is a goal, not a promise. There will be circumstances that require additional rounds. We will do our
- [Submit a Paper](https://sfs.org/review-of-corporate-finance-studies/submit-a-paper/) - Your submission must be formatted according to the guidelines. Your submission will be returned to you if the abstract is longer than 100 words and/or if the manuscript is not double-spaced. We recommend that you read our review and refund policies before submitting. Once your paper has been successfully submitted, you will receive a confirmation email.
- [Contact Us](https://sfs.org/review-of-corporate-finance-studies/contact-us/) - General questions:Jaclyn EinsteinManaging Director & Managing Editor Questions or comments about the journal's overall operations:Isil ErelExecutive Editor Any questions regarding the editorial process should go to the Editor of your paper.
- [SFS Cavalcade Asia-Pacific](https://sfs.org/financecavalcades/sfs-cavalcade-asia-pacific/) - Upcoming Cavalcades 2026 SFS Cavalcade Asia-Pacific: December 7-9, hosted by City University of Hong Kong Bid to Host We welcome bids to host 2027 and beyond! Bidding Information Cavalcade Chairs Cavalcade Asia-Pacific Chairs Past Cavalcades 2025 SFS Cavalcade Asia-Pacific: December 5-7, hosted by Tsinghua PBC School of Finance 2024 SFS Cavalcade Asia–Pacific: December 13-15, hosted
- [Code and Data Sharing Policy ](https://sfs.org/review-of-financial-studies/code-sharing-policy/) - Effective date. This code and data sharing policy (the Policy) applies to all submissions conditionally accepted on or after October 1, 2025. Purpose. The Review of Financial Studies (RFS) is committed to transparency and the independent replication of published findings, thereby enhancing the visibility and impact of authors’ work. Accordingly, authors of accepted papers that
- [Code Sharing Policy archived](https://sfs.org/code-sharing-policy-archived/) - This policy has been replaced by the Code and Data Sharing Policy, as of October 1, 2025. This policy applied to new submissions from July 1, 2020, through October 1, 2025. The policy did not apply to resubmissions of papers originally submitted prior to July 1, 2020. Code Sharing: After a paper has been accepted
- [Submit a Report](https://sfs.org/review-of-asset-pricing-studies/submit-a-report/) - Before uploading your report and cover letter, please ensure your referee report does not contain any identifying information. If you run into any problems while submitting your report, please do not hesitate to contact the editorial office. We thank you for the time and effort you put into reviewing. To submit your report, please use the
- [Submit a Report](https://sfs.org/review-of-financial-studies/submit-a-report/) - Before uploading your report and cover letter, please ensure your referee report does not contain any identifying information. If you run into any problems while submitting your report, please do not hesitate to contact the editorial office. We thank you for the time and effort you put into reviewing. To submit your report, please use
- [Submit a Paper](https://sfs.org/review-of-asset-pricing-studies/submit-a-paper/) - Your submission must be formatted according to the guidelines. Your submission will be returned to you if the abstract is longer than 100 words and/or if the manuscript is not double-spaced. We recommend that you read our review and refund policies before submitting. Once your paper has been submitted, you will receive a confirmation email. If
- [Submit a Paper](https://sfs.org/review-of-financial-studies/submit-a-paper/) - Your submission must be formatted according to the guidelines. Your submission will be returned to you if the abstract is longer than 100 words and/or if the manuscript is not double-spaced. We recommend that you read our review and refund policies before submitting. Once your paper has been submitted, you will receive a confirmation email.
- [Relationship to SFS](https://sfs.org/relationship-to-sfs/) - The Society for Financial Studies is a nonprofit that owns The Review of Financial Studies, The Review of Asset Pricing Studies, and The Review of Corporate Finance Studies. Among other things, its officers select the journal's Executive Editor, vote on proposed changes to the by-laws, and manage the funds related to the journal's operations. All
- [Contact Us](https://sfs.org/review-of-asset-pricing-studies/contact-us/) - General questions:Jaclyn EinsteinManaging Director & Managing Editor Questions or comments about the journal's overall operations:Zhiguo HeExecutive Editor Any questions regarding the editorial process should go to the Editor of your paper.
- [Rising Scholar Award](https://sfs.org/review-of-asset-pricing-studies/rising-scholar-award/) - Award $5,000 The Review of Asset Pricing Studies is pleased to present the Rising Scholar Award. Authors are eligible for the prize if: No author on the paper received either their current academic appointment or most recent Ph.D. more than 6 years prior to when the paper was submitted to RAPS. The paper was published
- [History](https://sfs.org/review-of-asset-pricing-studies/history/) - The Review of Asset Pricing Studies was established in 2010, following a proposal adopted by the board of the Society of Financial Studies in 2009, which stated the intention to start two new journals: RAPS and the Review of Corporate Finance Studies. This proposal was motivated by the recognition that the number of finance scholars
- [Review and Refund Policies](https://sfs.org/review-of-asset-pricing-studies/review-policy/) - Our goal is to provide a high-quality review experience for our authors with fast turnaround times and quality reports. Revision Rounds Our goal is to make a decision on every manuscript in two or three rounds. This is a goal, not a promise. There will be circumstances that require additional rounds. We will do our
- [Policy on Articles Derived From Published Papers](https://sfs.org/policy-on-articles-derived-from-published-papers/) - Sometimes a more practitioner-oriented journal or book volume publisher will approach authors, wishing to publish a derivative or spinoff article based on a paper published in RAPS. We encourage this, with the view that such spinoffs recognize and may enhance the impact of the original paper. We have three necessary conditions. The spinoff or derivative
- [Contact Us](https://sfs.org/review-of-financial-studies/contact/) - General questions Jaclyn Einstein Managing Director & Managing Editor Questions or comments about the journal's overall operations: Tarun Ramadorai Executive Editor Any questions regarding the editorial process should go to the Editor of your paper.
- [Awards](https://sfs.org/review-of-financial-studies/awards/) - The RFS journal awards are presented annually at SFS Cavalcade North America. Michael J. Brennan Best Paper Award Referee Awards: Referee of the Year and Distinguished Referees Rising Scholar Award Hillcrest Best Paper Award in Behavioral Finance Award Voting Process Michael J. Brennan Best Paper Award: The editorial board is asked to vote, first in
- [News Archive](https://sfs.org/review-of-financial-studies/news-archive/) - For news from 2015 to the present, go to News, or use the Search feature. For news prior to 2015, please click the links below. 2014 News Archive 2013 News Archive 2012 News Archive 2011 News Archive 2010 News Archive 2009 News Archive 2008 News Archive 2007 News Archive 2006 News Archive 2005 News Archive
- [Rising Scholar Award](https://sfs.org/review-of-financial-studies/risingscholaraward/) - Award $5,000 The Review of Financial Studies is pleased to present the Rising Scholar Award. Authors are eligible for the prize if: No author on the paper received either their current academic appointment or most recent Ph.D. more than 6 years prior to when the paper was submitted to RFS. The paper was published in
- [Review and Refund Policies](https://sfs.org/review-of-financial-studies/review-policy/) - Our goal is to provide a high-quality review experience for our authors with fast turnaround times and quality reports. Revision Rounds Our goal is to make a decision on every manuscript in two or three rounds. This is a goal, not a promise. There will be circumstances that require additional rounds. We will do our
- [SFS Cavalcade Asia-Pacific 2025](https://sfs.org/sfs-cavalcade-asia-pacific-2025/) - Tsinghua PBC School of FinanceDecember 5-7, 2025 PROGRAMProgram with links to the papers Conference Summary Conference Chairs Chair: Chen Lin (University of Hong Kong)Vice Chair: Jun QJ Qian (Fudan University)Associate Chair: Xiaoyun Yu (Shanghai Jiao Tong University)Host’s Faculty Sponsor: Xiaoyan Zhang (PBCSF Tsinghua University) Keynote Speakers Chen Lin (University of Hong Kong), Cavalcade Chair Dacheng
- [Contact Us](https://sfs.org/contact/) - For general questions:Jaclyn EinsteinManaging Director & Managing Editor For questions or comments about the society's overall operations:Philip StrahanPresident For information about SFS Cavalcades:Cavalcade North AmericaCavalcade Asia-Pacific Mailing Address:Society for Financial StudiesPO Box 28494Raleigh, NC 27611USA
- [SFS Membership](https://sfs.org/membership/) - Membership Benefits SFS membership provides three primary benefits: You may submit a paper to any SFS journal at the lower membership submission fee. You may register to attend the SFS Cavalcades at the lower membership rate. You will receive the SFS Newsletter and other SFS email announcements. Please note: Membership does not include a free
- [COI Statements](https://sfs.org/coi-statements/) - 2025 The 2025 COI statements will be posted after the annual meeting at SFS Cavalcade North America 2026. 2024 SFS Executive CommitteeRFS EditorsRAPS EditorsRCFS Editors 2023 SFS Executive CommitteeRFS EditorsRAPS EditorsRCFS Editors
- [News Archive](https://sfs.org/newsarchive/) - This is an archive for news from prior to November 2014. For news from November 2014 to the present, go to News, or use the Search feature. October 13, 2014: RCFS Executive Editor and the 9th Jackson Hole Finance Conference RCFS Executive Editor Paolo Fulghieri is one of the conference organizers of the 9th Jackson Hole
- [History](https://sfs.org/history/) - SFS 35th Anniversary Video The Review of Financial Studies (RFS) was established following discussions at the 1986 WFA meetings between Michael Brennan, George Constantinides, Jon Ingersoll, Chester Spatt, and Joseph Williams. These individuals recognized that the finance profession would benefit from the establishment of a journal that would publish relevant new research without regard to
- [Registered Reports Repository](https://sfs.org/review-of-corporate-finance-studies/registered-reports-repository/) - Global and Emerging Markets in Finance 2026 RCFS Winter Conference "Access to Finance for MSMEs in Ecuador: A Firm-Level Impact Evaluation" by Claudia Ruiz Ortega, Miriam Bruhn, Federico Diaz Kalan, and Nicolo Fraccaroli "Bank and NBFI Inter-Linkages: Anatomy of a Non-Banking Liquidity Shock" by Nirupama Kulkarni, K.M. Neelima, and Sonalika Sinha The Shadow Cost of
- [History](https://sfs.org/review-of-financial-studies/history/) - The Review of Financial Studies (RFS) was established following discussions at the 1986 WFA meetings between Michael Brennan, George Constantinides, Jon Ingersoll, Chester Spatt, and Joseph Williams. These individuals recognized that the finance profession would benefit from the establishment of a journal that would publish relevant new research without regard to level of technical difficulty;
- [SFS Cavalcade North America 2022](https://sfs.org/financecavalcades/sfs-cavalcade-north-america/sfs-cavalcade-north-america-2022/) - PROGRAM 35 Years of the SFS Video featuring SFS founders FAQ with Matthew Spiegel 2022 SFS Finance Cavalcade Photos 2022 SFS Finance Cavalcade Program Committee Conference Chairs Chair: Andrea Eisfeldt (UCLA Anderson School of Management)Vice Chair: Victoria Ivashina (Harvard Business School)Associate Chair: Jules van Binsbergen (The Wharton School)Host’s Faculty Sponsors: Paolo Fulghieri, Christian LundbladEvent Organization
- [Editorial Team Roles & Processes](https://sfs.org/editorial-team-roles-processes/) - [Updated 9.27.2025] Editorial Team Roles This list was created to help differentiate the roles at our journals. This is meant to be a guide to increase transparency, not an exhaustive list of responsibilities. Executive Editor The Executive Editor is responsible for overall content decisions for the journal. The Executive Editor may desk reject submissions or
- [RCFS Winter Conference 2024](https://sfs.org/rcfs-winter-conference-2024/) - Feb 17-18, 2024 (Presidents’ Day weekend) Royal Sonesta, San Juan, Puerto Rico PROGRAM Call for PapersCall for Proposals on “Politics and Corporate Power” The Society for Financial Studies is hosting the annual Review of Corporate Finance Studies Winter Conference on February 17 and 18, 2024. This will be a high-quality conference with a limited number of
- [RCFS Winter Conference 2025](https://sfs.org/rcfs-winter-conference-2025/) - Feb 14-16, 2025 (Presidents’ Day weekend) Royal Sonesta, San Juan, Puerto Rico PROGRAM The Society for Financial Studies is hosting the annual Review of Corporate Finance Studies Winter Conference on February 15 and 16, 2025, starting with a welcome reception on February 14th in the evening. This will be a high-quality conference with a limited number of papers
- [Winter Conference](https://sfs.org/review-of-corporate-finance-studies/winter-conference/) - RCFS Winter Conference 2026: February 13-15, Royal Sonesta San Juan, Puerto Rico RCFS Winter Conference 2025: February 15-16, Royal Sonesta San Juan, Puerto Rico RCFS Winter Conference 2024: February 17-18, Royal Sonesta San Juan, Puerto Rico RCFS Winter Conference 2023: February 18-19, Royal Sonesta San Juan, Puerto Rico RCFS Winter Conference 2022: February 18-20, Margaritaville
- [Best Practices](https://sfs.org/best-practices/) - Joint Editorials Editors’ Joint Policy Statement Regarding “Coercive Citations” by the editors of JF, JFQA, JFE, RAPS, RCFS, and RFS Joint Editorial: Advice for Authors by David Hirshleifer, G. William Schwert, and Kenneth J. Singleton. Review of Financial Studies, Volume 26, Issue 11, November 2013, Pages 2685–2686, https://doi.org/10.1093/rfs/hht061 Joint Editorial: Advice for Authors (2002) by
- [Advice for Referees](https://sfs.org/review-of-financial-studies/advice-for-referees/) - by Matthew Spiegel, RFS Executive Editor 2005 – 2011 The journal's editors, readers, and authors are extremely grateful for the time and effort that our referees provide. It is quite unfortunate that the journal cannot offer to fully compensate the many scholars who faithfully carry out this anonymous but critical task. The payment we do
- [Review of Asset Pricing Studies](https://sfs.org/review-of-asset-pricing-studies/) - The Review of Asset Pricing Studies strives to publish the highest quality research in asset pricing, broadly construed. RAPS will evaluate papers based on their substantive original contribution to our understanding of the pricing of assets. Editors Zhiguo He: Stanford University (Executive Editor)Riccardo Colacito: UNC Kenan-Flagler Business SchoolJoël Peress: INSEAD Norman Schürhoff: Swiss Finance Institute News from RAPS
- [2011 SFS Finance Cavalcade](https://sfs.org/financecavalcades/2011financecavalcade/) - University of Michigan - Ann Arbor, MI May 23-27, 2011 Hosted by The Ross School of Business at the University of Michigan with Financial Support from the Mitsui Life Financial Research Center The first edition of the SFS Finance Cavalcade was a five-day conference covering all fields of finance. The conference was organized by the Society of Financial
- [2012 SFS Finance Cavalcade](https://sfs.org/financecavalcades/2012financecavalcade/) - University of Virginia - Charlottesville, VA May 21-25, 2012 Hosted by the Darden School of Business at the University of Virginia 2012 SFS Finance Cavalcade Program 2012 SFS Finance Cavalcade Program Committee 2012 SFS Finance Cavalcade Photos Conference Chairs Chair: Ivo Welch (UCLA) Vice Chair: John Griffin (UT Austin) Associate Chair: Thomas Philippon (NYU) SFS Advisory Chair: Matthew
- [2013 SFS Finance Cavalcade](https://sfs.org/financecavalcades/2013financecavalcade/) - University of Miami - Coral Gables, FL May 13-16, 2013 Hosted by the University of Miami School of Business Administration 2013 SFS Finance Cavalcade Program 2013 SFS Finance Cavalcade Program Committee Conference Chairs Chair: John Griffin (UT Austin) Vice Chair: Toni Whited (University of Rochester) Associate Chair: Andrew Karolyi (Cornell University) SFS Advisory Chair: Matthew Spiegel
- [2014 SFS Finance Cavalcade](https://sfs.org/financecavalcades/2014financecavalcade/) - Georgetown University - Washington, DC May 18-21, 2014 Hosted by the McDonough School of Business at Georgetown University 2014 SFS Finance Cavalcade Program 2014 SFS Finance Cavalcade Program Committee 2014 SFS Finance Cavalcade Photo Conference Chairs Chair: Toni Whited (University of Rochester) Vice Chair: Andrew Karolyi (Cornell University) Associate Chair: Wei Jiang (Columbia University) SFS Advisory Chair: Matthew Spiegel
- [2015 SFS Finance Cavalcade](https://sfs.org/financecavalcades/2015financecavalcade/) - Georgia Tech - Atlanta, GA May 17-20, 2015 Hosted by the Scheller College of Business at Georgia Tech 2015 SFS Finance Cavalcade Program 2015 SFS Finance Cavalcade Program Committee 2015 SFS Finance Cavalcade Photos Conference Chairs Chair: Wei Jiang (Columbia University) Vice Chair: Hanno Lustig (University of California, Los Angeles) Associate Chair: Heitor Almeida (University
- [2016 SFS Finance Cavalcade](https://sfs.org/financecavalcades/2016-sfs-finance-cavalcade/) - University of Toronto - Toronto, ON, Canada May 15-18, 2016 Hosted by the Rotman School of Management at the University of Toronto This conference is a joint project of the Review of Financial Studies, the Review of Corporate Finance Studies, and the Review of Asset Pricing Studies. The SFS Finance Cavalcade is a 2.5-3.0 day conference covering all
- [SFS Cavalcade North America 2017](https://sfs.org/financecavalcades/sfs-cavalcade-north-america/2017-sfs-finance-cavalcade/) - Vanderbilt University Nashville, TN May 15-18, 2017 PROGRAM Hosted by the Financial Markets Research Center at the Owen Graduate School of Management at Vanderbilt University 2017 SFS Finance Cavalcade Program Committee 2017 SFS Finance Cavalcade Photos The SFS Cavalcade is a 3.0 day conference covering all areas of finance. The format is 55 minutes per paper
- [SFS Cavalcade Asia-Pacific 2019](https://sfs.org/financecavalcades/sfs-cavalcade-asia-pacific/sfs-cavalcade-asia-pacific-2019/) - Conference Program Hosted the University of Hong Kong Faculty of Business and Economics Conference Chairs Chair: Kalok Chan (CUHK Business School)Vice Chair: Jun-Koo Kang (Nanyang Technological University)Host’s Faculty Sponsor: Dragon Tang (The University of Hong Kong)Event Organized by: Leigh Ann Clark (SFS), Fanny Yeung (The University of Hong Kong) The SFS Cavalcade is a 2.5-3.0
- [SFS Cavalcade North America 2018](https://sfs.org/financecavalcades/sfs-cavalcade-north-america/2018-sfs-finance-cavalcade/) - Yale University New Haven, Connecticut May 21-24, 2018 PROGRAM Hosted by the International Center for Finance at the Yale School of Management 2018 SFS Cavalcade Program Committee The SFS Cavalcade is a three day conference covering all areas of finance. The format is 55 minutes per paper with eight-to-eleven parallel sessions. Our goal is to
- [SFS Cavalcade North America 2019](https://sfs.org/financecavalcades/sfs-cavalcade-north-america/sfs-cavalcade-north-america-2019/) - Carnegie Mellon University Pittsburgh, Pennsylvania May 20-23, 2019 PROGRAM Hosted by the Tepper School of Business at Carnegie Mellon University 2019 SFS Finance Cavalcade Program Committee 2019 SFS Finance Cavalcade Photos The SFS Cavalcade is a three day conference covering all areas of finance. The format is 55 minutes per paper with nine-to-eleven parallel sessions. Our
- [SFS Cavalcade North America 2020](https://sfs.org/financecavalcades/sfs-cavalcade-north-america/sfs-cavalcade-north-america-2020/) - Kelley School of Business at Indiana University (Virtual Conference) May 25-28, 2020 VIDEOS OF KEYNOTES AND PAPER SESSIONS Regarding the COVID-19 Outbreak: Given the ongoing uncertainty regarding the COVID-19 pandemic, regrettably we have decided the SFS Cavalcade North America will not be held in person at UNC. We have automatically refunded conference registration fees. Please
- [SFS Cavalcade North America 2021](https://sfs.org/financecavalcades/sfs-cavalcade-north-america/sfs-cavalcade-north-america-2021/) - MIT Golub Center for Finance and Policy (Virtual Conference) May 24-27, 2021 SFS Cavalcade 2021 Program with Video Links Our thanks to MIT GCFP for hosting the videos. SFS Cavalcade 2021 Program Committee SFS Cavalcade 2021 Program Conference Chairs Chair: Ulrike Malmendier (UC Berkeley) Vice Chair: Andrea Eisfeldt (UCLA) Associate Chair: Victoria Ivashina (Harvard Business
- [SFS Cavalcade North America 2023](https://sfs.org/financecavalcades/sfs-cavalcade-north-america/sfs-cavalcade-north-america-2023/) - Conference Chairs Chair: Victoria Ivashina (Harvard Business School)Vice Chair: Jules van Binsbergen (The Wharton School)Associate Chair: Laura Veldkamp (Columbia Business School)Host’s Faculty Sponsor: Laura StarksEvent Organization by Jaclyn Einstein (SFS), Belinda Clark (University of Texas at Austin) Tweet with us! #SFSCavalcade Keynote Speakers Tuesday May 23 3:30pm RAPS & RCFS Keynote: “The Rise of Credit Policy”
- [Conference Chairs: Cavalcade North America](https://sfs.org/financecavalcades/sfs-cavalcade-north-america/conference-chairs-cavalcade-north-america/) - 2027, Mendoza College of Business, University of Notre Dame Chair: Stefano Giglio (Yale School of Management) Vice Chair: Stavros Panageas (UCLA Anderson) Associate Chair: TBA Host’s Faculty Sponsor: Zhi Da 2026, Darden Graduate School of Business Administration, University of Virginia Chair: Joshua D. Rauh (Stanford Graduate School of Business) Vice Chair: Stefano Giglio (Yale School of Management)
- [SFS Cavalcade North America 2027](https://sfs.org/sfs-cavalcade-north-america-2027/) - Hosted by Mendoza College of Business, University of Notre DameMay 18-21, 2027 Conference Chairs Chair: Stefano Giglio (Yale School of Management)Vice Chair: Stavros Panageas (UCLA Anderson)Associate Chair: TBAHost’s Faculty Sponsor: Zhi Da
- [SFS Cavalcade Asia-Pacific 2022](https://sfs.org/financecavalcades/sfs-cavalcade-asia-pacific/sfs-cavalcade-asia-pacific-2022/) - The Chinese University of Hong Kong, Shenzhen and Shenzhen Finance Institute (Virtual Conference) December 16-18, 2022 Program PROGRAM with video links Conference Chairs Chair: Jun-Koo Kang (Nanyang Technological University) Vice Chair: Jun Pan (Shanghai Jiao Tong University) Associate Chair: Chen Lin (University of Hong Kong) Host’s Faculty Sponsor: Tao Shu (Chinese University of Hong Kong,
- [SFS Cavalcade Asia-Pacific 2018](https://sfs.org/financecavalcades/sfs-cavalcade-asia-pacific/sfs-cavalcade-asia-pacific-2018/) - INSEAD, NUS Business School, and ABFER Singapore December 13-15, 2018 PROGRAM Program Committee Conference Chairs Chair: Ron Masulis (UNSW Business School) Vice Chair: Kalok Chan (CUHK Business School) Associate Chair: Jun-Koo Kang (Nanyang Technological University) Host’s Faculty Sponsor: Massimo Massa (INSEAD), Johan Sulaeman (NUS Business School) Event Organization by Leigh Ann Clark (SFS), Jacqueline See (NUS),
- [SFS Cavalcade Asia-Pacific 2024 ](https://sfs.org/sfs-cavalcade-asia-pacific-2024/) - Department of FinTech, SKK Business School at Sungkyunkwan University (SKKU), Seoul, KoreaDecember 13-15, 2024 Program PROGRAM Conference Chairs Chair: Jun Pan (Shanghai Jiao Tong University)Vice Chair: Chen Lin (University of Hong Kong)Associate Chair: Jun Qian (Fudan University)Host’s Faculty Sponsor: Ji Yeoh Jimmy Oh and Kyojik Roy Song (SKKU) Keynote Speakers Manju Puri (Duke University): "Open Banking
- [Conflict of Interest Policy](https://sfs.org/conflict-of-interest-policy/) - Society of Financial Studies Adopted by Unanimous Vote of the SFS Executive Committee on August 10, 2006. Updated July 27, 2020. Editors Submission by Executive Editor New submissions by the Executive Editor are not permitted. Submissions from the following individuals will always be treated as an editorial conflict of interest: same institution, current or recent
- [Submission Checklist](https://sfs.org/review-of-corporate-finance-studies/submit-a-paper-format/) - My manuscript PDF:-is anonymous (does not include author information or acknowledgments)-includes the paper title-includes the abstract (limit: 100 words)-is double-spaced (limit: 28 lines per page)-has size 11 or larger font-includes the internet appendix, labeled clearly, with author information removed. (This step may be skipped if you do not have an internet appendix.)-includes alt text underneath
- [Submission Checklist](https://sfs.org/review-of-asset-pricing-studies/submit-a-paper-format/) - My manuscript PDF:-is anonymous (does not include author information or acknowledgments)-includes the paper title-includes the abstract (limit: 100 words)-is double-spaced (limit: 28 lines per page)-has size 11 or larger font-includes the internet appendix, labeled clearly, with author information removed. (This step may be skipped if you do not have an internet appendix.)-includes alt text underneath
- [Submission Checklist](https://sfs.org/review-of-financial-studies/submit-a-paper/submit-a-paper-format/) - My manuscript PDF:-is anonymous (does not include author information or acknowledgments)-includes the paper title-includes the abstract (limit: 100 words)-is double-spaced (limit: 28 lines per page)-has size 11 or larger font-includes the internet appendix, labeled clearly, with author information removed. (This step may be skipped if you do not have an internet appendix.)-includes alt text underneath
- [Hillcrest Best Paper Award in Behavioral Finance](https://sfs.org/review-of-financial-studies/awards/hillcrest-best-paper-award-in-behavioral-finance/) - Sponsored by Hillcrest Asset Management 2022, $5000 “Information Dispersion Across Employees and Stock Returns” Ashwini Agrawal, Isaac Hacamo, and Zhongchen Hu 2021, $5000 "Financial Literacy Externalities" Michael Haliassos, Thomas Jansson, and Yigitcan Karabulut 2020, $5000 “Birds of a feather: the impact of homophily on the propensity to follow financial advice” Oscar Stolper and Andreas Walter
- [Comments and Retractions](https://sfs.org/comments-and-retractions/) - (April 2025) To promote replicability and reproducibility in the social sciences, the RFS may publish comments that advance scientific dialogue and debate. This may include comments that document errors in previously published work. The editorial board will determine whether such comments meet the standard of publication, namely, whether they materially move forward the field of academic finance.
- [SFS Cavalcade North America 2024 Awards Photos](https://sfs.org/sfs-cavalcade-north-america-2024-awards-photos/)
- [SFS Cavalcade North America 2023 Photos](https://sfs.org/sfs-cavalcade-north-america-2023-photos/) - Photos by Lauren Gerson, McCombs School of Business, The University of Texas at Austin
- [SFS Cavalcades](https://sfs.org/financecavalcades/) - Cavalcade Asia-Pacific Cavalcade North America
- [SFS Privacy Policy](https://sfs.org/sfsprivacypolicy/) - This is the privacy policy of the Society for Financial Studies (SFS), PO Box 28494, Raleigh, NC 27611. SFS recognizes the importance of protecting any information we collect about you and will take all reasonable steps to maintain the security, integrity and privacy of your information in accordance with our privacy policy. By submitting your
- [Editors’ Joint Policy](https://sfs.org/editors-joint-policy/) - Editors’ Joint Policy Statement Regarding “Coercive Citations”
- [RCFS/RAPS Conference](https://sfs.org/rcfs-raps-conference/) - Feb 14-16, 2020 Atlantis, Nassau, The Bahamas PROGRAM The Society for Financial Studies hosted the third annual Review of Corporate Finance Studies/Review of Asset Pricing Studies (RCFS/RAPS) Winter Conference at Nassau in the Bahamas from February 14 to 16, 2020. It was a high-quality conference with a limited number of papers and parallel sessions for
- [Second Amendment to the By-Laws: Special Ballot](https://sfs.org/specialballot/) - 01/11/2005 Second Amendment to the By-Laws of the Society for Financial Studies Section 7.2(e) reads as follows: “Financial Support to Employer. The Corporation may provide financial support to the institution employing the Executive Editor to assist in defraying the costs of clerical, secretarial, and computing support necessary to the duties of the Executive Editor.” The
- [First Amendments to the By-Laws: Suggested Amendment](https://sfs.org/suggestedamendment/) - 6/15/1999 Amendments to the By-Laws Report as a Result of Council Discussions Suggested Change to Amendment concerning Section 4.4(d)(i): General Notice Contents. Except as provided in Section 8.1(b)(vi) hereof, all notices of meetings of Voting Members shall be sent by first class-mail, or electronic mail, or otherwise made electronically available on a public Web site
- [2005 News Archive](https://sfs.org/review-of-financial-studies/2005-news-archive/) - December 26, 2005: We want to thank everybody that participated in the dual RFS-WFC submission experiment. At this point we have notified all of the authors regarding whether or not the RFS will seek a formal referee's report for their paper. If you submitted a paper under the dual submission option and have not heard
- [2006 News Archive](https://sfs.org/review-of-financial-studies/2006-news-archive/) - December 27, 2006: If you submitted a paper through the dual review system with the Utah Winter Finance Conference you should have received a decision letter via email today. If you have not please let Tricia Cushing know as soon as possible. Remember, if the RFS is not proceeding with your paper through in the
- [2007 News Archive](https://sfs.org/review-of-financial-studies/2007-news-archive/) - December 21, 2007: The RFS now has the reviews from the Utah Winter Finance Conference. Our goal is to send out decisions on whether we will or will not seek out a referee's report by January 4. Remember that if a paper is rejected at any point under the dual review system the author can
- [2008 News Archive](https://sfs.org/review-of-financial-studies/2008-news-archive/) - December 24, 2008: Last week the RFS received the reviews from the dual review submissions to the Utah Winter Finance Conference. We hope to send out decisions on or just after January 5, 2009. When decisions do go out we will post that information here in the news section. Please check it starting January 5.
- [2009 News Archive](https://sfs.org/review-of-financial-studies/2009-news-archive/) - December 28, 2009: All of the decision letters for the Utah Winter Finance Conference dual submission papers have now gone out. If you are expecting to receive one and have not then please contact Matthew Spiegel at your earliest convenience. December 8, 2009: The Utah Winter Finance Conference reviews have been forwarded to the RFS.
- [2010 News Archive](https://sfs.org/review-of-financial-studies/2010-news-archive/) - December 14 , 2010: We would like to thank the many authors that submitted articles to the RFS via the dual review system with the Utah Winter Finance Conference. As of now all of the decision letters have gone out. If you have not heard from the RFS please contact us as soon as possible.
- [2011 News Archive](https://sfs.org/review-of-financial-studies/2011-news-archive/) - August 22, 2011: New York Fed/NYU Stern Conference 2012 7th New York FedNYU Stern Conference on Financial Intermediation: The Seventh New York Fed/NYU Stern Conference on Financial Intermediation, May 4-5, 2012 August 16, 2011: Suggest Your Editor Suggest an editor for your submission! To take into account author preferences and make the best possible editorial
- [RFS Climate Finance Initiative](https://sfs.org/review-of-financial-studies/rfs-climate-finance-initiative/) - October 5-6, 2018 Claridges Hotel, London Hosted by the Brevan Howard Center, Imperial College Business School PROGRAM This conference was the second part of a two-stage editorial process designed to encourage researchers to engage in innovative research on the emerging topic of Climate Finance. Accepted papers were presented October 5-6, 2018. The first part was
- [RFS FinTech Initiative](https://sfs.org/review-of-financial-studies/rfs-fintech-initiative/) - PDF of 2018 Program for RFS FinTech Conference at Cornell Tech March 16-17, 2018 Cornell Tech – Tata Innovation Center The Review of Financial Studies (RFS) hosted a Conference on Financial Technology (FinTech) at the new Cornell Tech campus on Roosevelt Island, New York City. The event took place in the Tata Innovation Center from
- [Subscriptions in Emerging Economies](https://sfs.org/review-of-financial-studies/subscriptions-in-emerging-economies/) - The Society for Financial Studies recognizes the financial problems for university libraries in the newly emerging economies of Eastern Europe, India, Africa, South America, and parts of Asia of subscribing to journals in economics and finance. The Society therefore proposes to provide free subscriptions of RFS for an initial period of 5 years for up
- [Editorial Board Archive](https://sfs.org/review-of-financial-studies/editorial-board-archive/) - Executive Editors Andrew Karolyi, Cornell University (2014 - 2018) David Hirshleifer, University of California, Irvine (2011 - 2014) Matthew Spiegel, Yale University (2005 - 2011) Maureen O'Hara, Cornell University (2000 - 2005) Ravi Jagannathan, Northwestern University (1997 - 2000) Franklin Allen, University of Pennsylvania (1994 - 1997) Chester Spatt, Carnegie Mellon University (1991 - 1994)
- [Aims and Scope](https://sfs.org/review-of-financial-studies/aims-and-scope/) - The Review of Financial Studies is a major forum for the promotion and wide dissemination of significant new research in financial economics. As reflected by its broadly based editorial board, RFS balances theoretical and empirical contributions. The primary criteria for publishing a paper are its quality and importance to the field of finance, without undue regard
- [Published Papers](https://sfs.org/review-of-financial-studies/published-papers/) - Previously published papers are available on the Oxford University Press web site. Back issues from 1988 are also available via JSTOR to participating institutions.
- [RFS Executive Editor Blog](https://sfs.org/review-of-financial-studies/rfs-executive-editor-blog/) - Non-Marketable Assets and Capital Market Equilibrium - Redux by Andrew Karolyi • May 7, 2015 "Human Capital as an Asset Class Implications from a General Equilibrium Model" by Miguel Palacios Rev. Financ. Stud. (2015) 28 (4):978-1023. doi: 10.1093/rfs/hhu073 [This is another of a series of editorials by Executive Editor Andrew Karolyi at the Review of Financial Studies featuring recently published papers at
- [Referee Confidentiality](https://sfs.org/review-of-financial-studies/referee-confidentiality/) - (January 6, 2021) Joint Statement by the Editors of the JF, RFS, and the Incoming Editor of the JFE Concerning Referee Confidentiality A recent paper by the current editor of the Journal of Financial Economics posted on SSRN on December 15, 2020 revealed paper acceptance rates by individual referees at the JFE. The editors of
- [2012 News Archive](https://sfs.org/review-of-financial-studies/2012-news-archive/) - November 30, 2012: 15th Annual Texas Finance Festival Submission deadline for the Texas Finance Festival is February 1, 2013. See the Call for Papers 2013 15th Annual Texas Finance Festival. November 9, 2012: How to Submit to the 2013 Cavalcade Submissions to the 2013 Cavalcade will be accepted beginning tomorrow, November 10th, through December 15,
- [Editorial Board](https://sfs.org/review-of-financial-studies/editorial-board/) - Executive Editor Itay Goldstein, University of Pennsylvania (2018 - 2024) Editors Lauren Cohen, Harvard University (2017 - 2023) Stefano Giglio, Yale University (2020 - 2023) Ralph Koijen, University of Chicago (2018 - 2024) Gregor Matvos, Northwestern University (2020 - 2023) Holger Mueller, New York University (2019 - 2022) Manju Puri, Duke University (2019 - 2022)
- [2013 News Archive](https://sfs.org/review-of-financial-studies/2013-news-archive/) - December 16, 2013: Cavalcade Submission Now Closed The submission period for the 2014 Finance Cavalcade is now closed. Information for the conference is available at Cavalcade 2014. December 10, 2013: 16th Annual Texas Finance Festival RFS will co-sponsor the 16th Annual Texas Finance Festival, which will take place April 24-26, 2014. For more information, please
- [2014 News Archive](https://sfs.org/review-of-financial-studies/2014-news-archive/) - October 29, 2014: Recent Keynote Speech by RFS Associate Editor RFS Associate Editor Thierry Foucault was recently a keynote speaker at the 13th International Conference on Credit Risk Evaluation. October 28, 2014: AQR Insight Award Call for Papers AQR Capital Management, LLC is accepting submissions for its fourth annual AQR Insight Award, which recognizes and rewards important, unpublished academic
- [2014 News Archive](https://sfs.org/review-of-corporate-finance-studies/2014-news-archive/) - October 21, 2014: Latest Forthcoming Paper “Competition, Managerial Slack, and Corporate Governance” by Limor Golan, Christine A. Parlour, and Uday Rajan October 14, 2014: Amit Seru in The Washington Post RCFS Editor Amit Seru was featured in a recent Washington Post article, “How mortgage rates affect car purchases, credit card debt and jobs.” October 13, 2014: 9th Jackson
- [2010 News Archive](https://sfs.org/review-of-corporate-finance-studies/2010-news-archive/) - August 9, 2010: Next year the SFS will launch its first ever week long Finance Cavalcade. Our goal is to provide a setting that produces the kind of participation you see at smaller conferences but yet accommodates the variety of papers you find at the larger ones. As currently envisioned the conference will run from
- [News Archive](https://sfs.org/review-of-corporate-finance-studies/news-archive/) - For news from 2015-present, please see use the arrows on the bottom of the RCFS homepage, or the Search feature on the right-hand side of the page. For news prior to 2015, please click the links below. 2014 News Archive 2013 News Archive 2012 News Archive 2011 News Archive 2010 News Archive
- [RCFS Winter Conference 2021](https://sfs.org/review-of-corporate-finance-studies/rcfs-winter-conference-2021/) - February 12-14, 2021 Virtual Conference PROGRAM The Society for Financial Studies is hosting the fourth annual Review of Corporate Finance Studies Winter Conference virtually from February 12 to 14, 2021. This will be a high-quality conference with a limited number of papers on corporate finance, financial intermediation, and household finance topics. Our aim is to
- [2012 News Archive](https://sfs.org/review-of-corporate-finance-studies/2012-news-archive/) - November 9, 2012: Submissions to the 2013 Cavalcade will be accepted beginning tomorrow, November 10th, through December 15, 2012. To submit, please visit the Cavalcade webpage. August 29, 2012: The inaugural issue of The Review of Corporate Finance Studies has mailed. April 30, 2012: Please see the Editors' Joint Policy Statement Regarding "Coercive Citations," which
- [2011 News Archive](https://sfs.org/review-of-corporate-finance-studies/2011-news-archive/) - October 6, 2011: Michael Roberts will step down as editor at the end of 2011 since he is taking up an editorial position at the Journal of Finance. All our thanks go to Michael for his invaluable help in starting the Review. We will miss him. At the same time, we are very pleased to
- [RCFS Winter Conference 2023](https://sfs.org/review-of-corporate-finance-studies/rcfs-winter-conference-2023/) - February 17-19, 2023 Royal Sonesta San Juan Puerto Rico Program Call for Papers Call for Proposals on “Corporate Market Power: Drivers and Financial Consequences” The Society for Financial Studies is hosting the sixth annual RCFS Winter Conference on February 18 and 19, 2023. This will be a high-quality conference with a limited number of papers
- [RCFS Winter Conference 2022](https://sfs.org/review-of-corporate-finance-studies/rcfs-winter-conference-2022/) - February 18-20, 2022 Margaritaville Hollywood Beach Resort, Florida PROGRAM Call for Proposals on “Finance for the Greater Good” Call for Papers The Society for Financial Studies is hosting the 5th annual Review of Corporate Finance Studies Winter Conference in February 2022. This will be a high-quality conference with a limited number of papers on corporate
- [2013 News Archive](https://sfs.org/review-of-corporate-finance-studies/2013-news-archive/) - December 16, 2013: Cavalcade Submission Now Closed The submission period for the 2014 Finance Cavalcade is now closed. Information for the conference is available at Cavalcade 2014. December 8, 2013: Cavalcade Submission Deadline Approaching There is one week left to submit your papers to the 2014 SFS Finance Cavalcade. The submission deadline is December 15,
- [Rising Scholar Award](https://sfs.org/review-of-corporate-finance-studies/rising-scholar-award/) - Award $5000 The Review of Corporate Finance Studies is pleased to present the Rising Scholar Award. Authors are eligible for the prize if: No author on the paper received either their current academic appointment or most recent Ph.D. more than 6 years prior to when the paper was submitted to RCFS. The paper was published
- [Prior Review Process](https://sfs.org/review-of-corporate-finance-studies/prior-review-process/) - [Updated 7.25.22] RCFS OPTIONAL “PRIOR REVIEW PROCESS” On June 1, 2020, the RCFS became the first finance journal to introduce an optional “Prior Review Process,” with the goal of efficiently arriving at decisions on papers that have already been refereed at other journals. 1. To be eligible for the Prior Review Process, the paper must
- [Aims and Scope](https://sfs.org/review-of-corporate-finance-studies/aims-and-scope/) - The Review of Corporate Finance Studies aims to publish research of the highest quality in the field of Corporate Finance, broadly defined. RCFS will review papers on the basis of their original contribution to the field of Corporate Finance. Corporate Finance includes but is not limited to the study of a firm’s interactions with its
- [Code Sharing Policy](https://sfs.org/review-of-corporate-finance-studies/code-sharing-policy/) - [October 1, 2020] [Policy applies to new submissions from October 1, 2020, onward. Policy does not apply to resubmissions of papers originally submitted prior to October 1, 2020.] Code Sharing: After a paper has been accepted for publication at the Review of Corporate Finance Studies (RCFS), the authors are required to provide the programs needed
- [2013 News Archive](https://sfs.org/review-of-asset-pricing-studies/2013-news-archive/) - December 16, 2013: Cavalcade Submission Now Closed The submission period for the 2014 Finance Cavalcade is now closed. Information for the conference is available at Cavalcade 2014. December 8, 2013: Cavalcade Submission Deadline Approaching There is one week left to submit your papers to the 2014 SFS Finance Cavalcade. The submission deadline is December 15,
- [2015 News Archive](https://sfs.org/review-of-asset-pricing-studies/2015-news-archive/) - Editor’s Choice: December December 3, 2015 The Editor’s Choice article for December 2015 (issue 5/2) is “Managerial Activeness and Mutual Fund Performance” by Hitesh Doshi, Redouane Elkamhi, and Mikhail Simutin. You can read the article free online here. Dual Submission to Cavalcade 2016 October 27, 2015 We are pleased to announce that the upcoming SFS Finance Cavalcade conference will
- [News Archive](https://sfs.org/review-of-asset-pricing-studies/news-archive/) - For news from 2016-present, please see use the arrows on the bottom of the RAPS homepage, or the Search feature on the right-hand side of the page. For news prior to 2016, please click the links below. 2015 News Archive 2014 News Archive 2013 News Archive 2012 News Archive 2011 News Archive 2010 News Archive
- [2012 News Archive](https://sfs.org/review-of-asset-pricing-studies/2012-news-archive-2/) - August 31, 2012 To see online version of the latest issue of the Review of Asset Pricing Studies, please click here. April 30, 2012 Please see the Editors' Joint Policy Statement Regarding "Coercive Citations," which has been posted at: Editors’ Joint Policy. April 9, 2012: SFS Finance Cavalcade in 2013 & 2014 The Society for
- [2011 News Archive](https://sfs.org/review-of-asset-pricing-studies/2011-news-archive/) - July 18, 2011: The 2012 SFS Finance Cavalcade Call For Papers Submission Deadline September 15, 2011 Submissions Accepted Starting August 1. June 30, 2011: Photos from the 2011 SFS Finance Cavalcade are now available here. June 16, 2011: A Call for Bids for the 2013 SFS Finance Cavalcade Bids should be sent by September 1,
- [SFS Cavalcade](https://sfs.org/review-of-asset-pricing-studies/financecavalcade/) - "The Society for Financial Studies (SFS) Finance Cavalcade conference is the best large finance conference according to the subsequent publication rates in TOP3 finance journals." --Sebastian J. Reinartz and Daniel Urban, 2017, Finance conference quality and publication success: A conference ranking, Journal of Empirical Finance 42, 155-174. http://www.sciencedirect.com/science/article/pii/S0927539817300257 The SFS Cavalcade is a 2.5-3.0
- [2014 News Archive](https://sfs.org/review-of-asset-pricing-studies/2014-news-archive/) - Re-introducing RAPS Executive Editor Wayne Ferson Dear Members and Friends of the Society for Financial Studies, We are honored Professor Wayne Ferson accepted his second term as the Executive Editor of the Review of Asset Pricing Studies. Below you will find a letter from Professor Ferson, with updates about the progress of RAPS. Professor Ferson is the
- [Links to Appendices](https://sfs.org/review-of-asset-pricing-studies/links-to-appendices/) - June 2017 7 (1) A Spanning Series Approach to Options Speed of Information Diffusion within Fund Families Economic and Financial Determinants of Credit Risk Premiums in the Sovereign CDS Market Repo Counterparty Risk and On-/Off-the-Run Treasury Spreads December 2016 6 (2) Economic Uncertainty and Interest Rates Appendix A and B International Correlation Asymmetries: Frequent-but-Small and
- [Elections/Appointments](https://sfs.org/review-of-asset-pricing-studies/electionsappointments/) - 2017 Appointments SFS Vice President Laura Starks was appointed as the new SFS President. Josef Zechner was appointed as the new Vice President. The following were appointed as new Councilors: Renee Adams, Allaudeen Hameed, Tarun Ramadorai, and Karin Thorburn. RFS Executive Editor Andrew Karolyi was appointed for a second term. All changes are effective July 1,
- [2010 News Archive](https://sfs.org/review-of-asset-pricing-studies/2012-news-archive/) - December 18, 2010: RAPS is accepting papers now. Fastrack submissions are not accepted at the moment. September 14, 2010: The SFS is pleased to announce the hosts for the 2011 and 2012 Finance Cavalcade! The University of Michigan at Ann Arbor has kindly agreed to host the 2011 conference and the University of Virginia the
- [Aims and Scope](https://sfs.org/review-of-asset-pricing-studies/aims-and-scope/) - The Review of Asset Pricing Studies strives to publish the highest quality research in asset pricing, broadly construed. RAPS will evaluate papers based on their substantive original contribution to our understanding of the pricing of assets. Asset pricing includes, but is not limited to, the following topic areas: theoretical and empirical models of asset prices
- [Code Sharing Policy](https://sfs.org/review-of-asset-pricing-studies/code-sharing-policy/) - [November 19, 2021] [Policy applies to new submissions from January 1, 2022, onward. Policy does not apply to resubmissions of papers originally submitted prior to January 1, 2022.] Policy: After a paper has been accepted for publication at the Review of Asset Pricing Studies (RAPS), the authors are required to provide the code and data needed
- [Previous By-Laws (2012)](https://sfs.org/previous_2012/) - BY-LAWS OF THE SOCIETY OF FINANCIAL STUDIES (As amended through June 20, 2012) ARTICLE I NAME The name of the Corporation is THE SOCIETY FOR FINANCIAL STUDIES. ARTICLE II JOURNALS The Corporation publishes the Review of Financial Studies, the Review of Asset Pricing Studies, and the Review of Corporate Finance Studies (hereafter RFS, RAPS, and
- [Previous By-Laws (2005)](https://sfs.org/previous_2005/) - By-Laws BY-LAWS OF THE SOCIETY OF FINANCIAL STUDIES (As Ammended through January 11, 2005) ARTICLE I NAME The name of the Corporation is THE SOCIETY FOR FINANCIAL STUDIES. ARTICLE II OFFICES SECTION 2.1 PRINCIPAL OFFICE. The principal office for the transaction of business of the Corporation (“principal executive office”) shall be located in the County
- [Original By-Laws](https://sfs.org/original/) - BY-LAWS OF THE SOCIETY OF FINANCIAL STUDIES ARTICLE I NAME The name of the Corporation is THE SOCIETY FOR FINANCIAL STUDIES. ARTICLE II OFFICES SECTION 2.1 PRINCIPAL OFFICE. The principal office for the transaction of business of the Corporation ("principal executive office") shall be located in the County of Los Angeles, State of California. The
- [SFS Cavalcade Awards](https://sfs.org/financecavalcades/cavalcade-awards/) - Arthur Warga Award for Best Paper in Fixed Income Best Paper in Asset Pricing Best Paper in Corporate Finance
- [2011 SFS Finance Cavalcade Photos](https://sfs.org/financecavalcades/2011financecavalcade/photos/) - Presentations Registration SFS's signature snack: M&Ms Cocktail hour at the Mitsui Center dinner Executive Editors Wayne Ferson (RAPS), Matthew Spiegel (RFS), and Paolo Fulghieri (RCFS) Mitsui Center dinner welcome speech by E. Han Kim Dinner hosted by the SFS SFS Retiring Officer's Keynote Address by Matthew Spiegel at the SFS Dinner
- [2012 SFS Finance Cavalcade Photos](https://sfs.org/financecavalcades/2012financecavalcade/photos/) - RAPS Executive Editor Wayne Ferson, Cavalcade Chair Ivo Welch, and Keynote Speaker Ravi Jagannathan Keynote Speaker Ravi Jagannathan, Former SFS President Chester Spatt, SFS Vice President Matthew Spiegel, SFS Assistant Editor Jaclyn Einstein, Conference Chair Ivo Welch, and RAPS Executive Editor Wayne Ferson Presentation by Thierry Foucault Presentation by Allen Berger Presentation by Alexander Philipov
- [Videos from 2012 SFS Finance Cavalcade](https://sfs.org/financecavalcades/2012financecavalcade/videos-from-2012-sfs-finance-cavalcade/) - Please note: Several presentations were lost due to equipment malfunction. If your presentation does not appear, it is due to this malfunction. Keynote Speech by Conference Chair Ivo Welch Activist Arbitrage, Lifeboats, and Closed-End Funds / Presenter Stephen Lenkey Bond Variance Risk Premia / Presenter Philippe Mueller Can Hedge Funds Time Market Liquidity? / Presenter
- [2014 SFS Finance Cavalcade Photos](https://sfs.org/financecavalcades/2014financecavalcade/2014-sfs-finance-cavalcade-photos/) - To view the full-size high-quality image, please click on the image. Award Reception Keynote Speeches and Awards at Lunches Receptions Return to Cavalcade 2014.
- [SFS Cavalcade Asia-Pacific 2017](https://sfs.org/financecavalcades/sfs-cavalcade-asia-pacific/2017-sfs-finance-cavalcade-asia-pacific/) - PBC School of Finance, Tsinghua University Beijing, China December 13-15, 2017 2017 SFS Cavalcade Asia-Pacific Program Given the increasing success of the North American edition and the evident demand for conferences of this quality in accessible locations, the SFS is happy to announce its plans for an Asia-Pacific version of the Cavalcade. The SFS
- [2015 SFS Finance Cavalcade Photos](https://sfs.org/financecavalcades/2015financecavalcade/2015-sfs-finance-cavalcade-photos/)
- [2016 SFS Finance Cavalcade Photos](https://sfs.org/financecavalcades/2016-sfs-finance-cavalcade/2016-sfs-finance-cavalcade-photos/) - To view the full-size high-quality image, please click on the image. AFFECT Breakfast RAPS Keynote RCFS Keynote Keynote Speech by Cavalcade Chair Hanno Lustig Awards Reception Kent Womack Memorial Lecture
- [SFS Cavalcade Asia-Pacific 2020](https://sfs.org/financecavalcades/sfs-cavalcade-asia-pacific/sfs-cavalcade-asia-pacific-2020/) - Cavalcade Asia Pacific 2020 has been postponed due to COVID-19 Hosted by The Chinese University of Hong Kong, Shenzhen, and Shenzhen Finance Institute Conference Chairs Chair: Jun-Koo Kang (Nanyang Technological University) Vice Chair: Jun Pan (Shanghai Jiao Tong University) Associate Chair: Chen Lin (University of Hong Kong) Host's Faculty Sponsor: Tao Shu (Chinese
- [SFS Cavalcade Asia-Pacific 2021](https://sfs.org/financecavalcades/sfs-cavalcade-asia-pacific/sfs-cavalcade-asia-pacific-2021/) - Cavalcade Asia Pacific 2021 has been postponed to 2022 Hosted by The Chinese University of Hong Kong, Shenzhen, and Shenzhen Finance Institute Conference Chairs Chair: Jun-Koo Kang (Nanyang Technological University) Vice Chair: Jun Pan (Shanghai Jiao Tong University) Associate Chair: Chen Lin (University of Hong Kong) Host’s Faculty Sponsor: Tao Shu (Chinese University
- [SFS Cavalcade North America 2017 Photos](https://sfs.org/financecavalcades/sfs-cavalcade-north-america/2017-sfs-finance-cavalcade/sfs-cavalcade-north-america-2017-photos/) - To view the full-size high-quality image, please click on the image. Photos courtesy of Financial Markets Research Center at Vanderbilt. Credit: Chad Driver Productions. Awards Cavalcade Chairs SFS Membership Meeting Keynote Speech by SFS President Matt Spiegel RFS Editorial Team Country Music Hall
- [SFS Cavalcade North America 2019 Photos](https://sfs.org/financecavalcades/sfs-cavalcade-north-america/sfs-cavalcade-north-america-2019/sfs-cavalcade-north-america-2019-photos/) - Photos courtesy of Tepper School of Business at Carnegie Mellon University Credit: Chris Padgett Awards Cavalcade Attendees To view the full-size image, please click on the image.
- [SFS Cavalcade North America 2022 Photos](https://sfs.org/financecavalcades/sfs-cavalcade-north-america/sfs-cavalcade-north-america-2022/sfs-cavalcade-north-america-2022-photos/) - Awards Ceremony Photos Cavalcade Photos To view the full-size image, please click on the image.
- [Conference Archive (Unaffiliated)](https://sfs.org/conference-archive-unaffiliated/) - Archive of Conference Announcements (Unaffiliated with SFS) 2022 Carey Finance Conference

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