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Forthcoming Papers

“Measuring Operating Leverage” by Huafeng Jason Chen, Jason V. Chen, Feng Li, and Pengfei Li “Firm Characteristics and Global Stock Returns: A Conditional Asset Pricing Model” by Steffen Windmueller

Paper Spotlight: Short-termism, Managerial Talent, and Firm Value

Are managers too myopic, relative to what shareholders would want? In “Short-termism, Managerial Talent, and Firm Value,” Richard Thakor provides a theoretical model in which the answer is “no,” with a surprising twist: In the model, managers prefer long-term projects, because it allows talented managers to earn higher rents. However, to reduce managerial rents, the firm may induce a manager to invest in a short-term project, even though the long-term… Read More »Paper Spotlight: Short-termism, Managerial Talent, and Firm Value

Forthcoming Paper

“Disregarding the Shoulders of the Giants: Inferences from Innovation Research” by David Reeb and Wanli Zhao

Paper Spotlight: Staggered Boards and the Value of Voting Rights

Do staggered (or classified) boards harm shareholder value through entrenchment or help through stability? In a forthcoming RCFS paper, “Staggered Boards and the Value of Voting Rights,” Oğuzhan Karakaş and Mahdi Mohseni revisit this question by using a novel methodology and provide causal evidence on the entrenchment view of staggered boards. Existence of staggered boards, where only a fraction of board members is up for election in a year, has… Read More »Paper Spotlight: Staggered Boards and the Value of Voting Rights

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  

17th Financial Research Association Conference

The 17th Annual Meeting of the Financial Research Association will feature a dual submission option with RAPS and RCFS. The deadline for paper submissions is August 31, 2021. The conference will take place December 11-12, at the Encore Hotel in Las Vegas. Submit online here.

Cavalcade Recordings Now Available

Videos of the paper presentations from Cavalcade North America 2021 are now available on the Cavalcade web site. Our thanks to the MIT Golub Center for Finance and Policy for preparing and hosting the videos. 

Impact Factor

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.

Forthcoming Paper

“The Wisdom of Crowds in FinTech: Evidence from Initial Coin Offerings” by Tao Li, Donghwa Shin, and Jongsub Lee