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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)

  • RFS News

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

Paper Spotlight: The Risk of Being a Fallen Angel and the Corporate Dash for Cash in the Midst of COVID

Governments all over the world have responded to the COVID-19 outbreak by closing down significant parts of their economies, leading to a liquidity crisis for many firms. Default risk increased because firms’ stream of cash flows took a hit, and with it firms’ rollover risk. How did firms behave in their bid to shore up their precarious liquidity positions? In the paper “The Risk of Being a Fallen Angel and… Read More »Paper Spotlight: The Risk of Being a Fallen Angel and the Corporate Dash for Cash in the Midst of COVID

Forthcoming Papers

“Economic-state Variation in Uncertainty-Yield Dynamics” by Robert Connolly, David Dubofsky, and Chris Stivers “A Tale of Two Crises: The 2008 Mortgage Meltdown and the 2020 COVID-19 Crisis” by Chester Spatt

Editor’s Choice 33(9)

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.

Forthcoming Papers

“COVID-19 and the Cross-Section of Equity Returns: Impact and Transmission” by Lorenzo Bretscher, Alex Hsu, Peter Simasek, and Andrea Tamoni “Earnings Expectations in the COVID Crisis” by Augustin Landier and David Thesmar

Forthcoming Paper

“Stock Market Information and Innovative Investment in the Supply Chain” by Lantian Liang, Ryan Williams, and Steven Chong Xiao