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Paper Spotlight: The Macroeconomics of Corporate Debt

As we emerge from the first wave of shocks induced by the COVID-19 pandemic, we need to start asking pressing questions regarding the future beyond the first round of emergencies. It is an appropriate time to start asking about the long-term adjustments that could be taking place in financial markets and economies and the research questions to match those challenges. This is the main objective of the paper “The Macroeconomics… Read More »Paper Spotlight: The Macroeconomics of Corporate Debt

NBER-RFS Inequality, Discrimination, and the Financial System Virtual Conference

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 more details, please see the NBER site.    

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.

Paper Spotlight: Identifying the Real Effects of Zombie Lending

              The impact of COVID-19 has driven many firms into financial distress, and policymakers around the world have responded with various emergency measures to support the business sector. While the immediate priority has been to get support out quickly to firms, over time more active decisions will have to be made on which firms should be supported. A potential danger that arises is that… Read More »Paper Spotlight: Identifying the Real Effects of Zombie Lending

RCFS Blog Series III: Banks’ Non-Interest Income and Systemic Risk

In the new entry on the RCFS blog, Executive Editor Andrew Ellul dives into “Banks’ Non-Interest Income and Systemic Risk” by Markus K. Brunnermeier, Gang Nathan Dong, and Darius Palia. This paper was the Editor’s Choice for the August issue. Read the full post on the blog.  

Code Sharing Policy Effective October 1

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

Editor’s Choice

The Editor’s Choice article for RAPS 10(3) is “Do Proxies for Informed Trading Measure Informed Trading? Evidence from Illegal Insider Trades” by Kenneth R.Ahern. You can read the paper free online.

Paper Spotlight: Institutional Investors and Hedge Fund Activism

The relationship between hedge fund activists and institutional shareholders in firms targeted by activists could be fraught with conflicting interests, making it a very important question to explore. In the paper “Institutional Investors and Hedge Fund Activism,” Simi Kedia, Laura Starks, and Xianjue Wang study how differences among institutional investors impact their willingness to support hedge fund activists, the impact on the campaign’s success, and potential value created from hedge… Read More »Paper Spotlight: Institutional Investors and Hedge Fund Activism

Editor’s Choice 33(10)

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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.

Paper Spotlight: The COVID-19 Shock and Equity Shortfall: Firm Level Evidence from Italy

            Having learned from the financial crisis, policymakers the world over have reacted to the COVID-19 lockdowns by providing a lot of liquidity, in the form of debt, to the business sector. However, the longer it takes to make a full recovery, the greater is the danger that firms may find themselves not just illiquid in the short-run, but insolvent in the long-run. That is,… Read More »Paper Spotlight: The COVID-19 Shock and Equity Shortfall: Firm Level Evidence from Italy