Society for Financial Studies

News

October 9, 2014: Upcoming Keynote Speeches

RFS Executive Editor Andrew Karolyi will be the keynote speaker at the 3rd Luxembourg Asset Management Summit, November 16-18, 2014. For more, click here.

RFS Executive Editor Andrew Karolyi, Editor Geert Bekaert, and Associate Editor John Griffin will be keynote speakers at the 27th Australasian Finance and Banking Conference in Sydney on December 15, 2014. For more, click here.

October 1, 2014: Editor’s Choice: November

The Editor’s Choice article for November 2014 (issue 27/11) is “Fooling Some of the People All of the Time: The Inefficient Performance and Persistence of Commodity Trading Advisors” by Geetesh Bhardwaj, Gary B. Gorton, and K. Geert Rouwenhorst. You can read the article free online here.

September 26, 2014: Executive Editor Blog: Tail Risk is Not Crash Risk…or Is It?

The second installment of Executive Editor Andrew Karolyi’s new series of editorials is available online at RFS Executive Editor Blog. This month’s feature, “Tail Risk is Not Crash Risk…or Is It?” examines “Tail Risk and Asset Prices” by Bryan Kelly and Hao Jiang.

September 22, 2014: Sign Up for RFS Alerts

Did you know you can sign up to receive email notifications every time an issue ofRFS publishes online or an RFS article publishes on Advance Access? It’s easy! Create a free account at our publisher’s web site and select the items you’d like to be notified about.

September 19, 2014: 2015 OU Energy Finance Research Conference

The 2015 OU Energy Finance Research Conference will feature a dual submission option with RFS. The RFS sponsoring editor is Philip Strahan. The paper submission period will be January 1-March 16, 2015. The conference will take place September 10-11, 2015.

September 17, 2014: Bid Deadline for 2016 Cavalcade Approaching

The bid deadline for the 2016 Cavalcade is approaching. For details on how to bid, please visit 2016 Cavalcade. Bids should be received by October 1, 2014.

September 16, 2014: Editor’s Choice: October

The Editor’s Choice article for October 2014 (issue 27/10) is “Tail Risk and Asset Prices” by Bryan Kelly and Hao Jiang. You can read the article free online here.

September 15, 2014: Do You Want to Receive the SFS Newsletter?

Are you interested in receiving the Society for Financial Studies newsletter, with news about The Review of Financial Studies, The Review of Asset Pricing Studies,  The Review of Corporate Finance Studies, and the SFS Finance Cavalcade conference? If so, find out how to become a member of the SFS at Membership.

September 9, 2014: Geert Bekaert in Forbes

RFS Editor Geert Bekaert was interviewed for a recent article in Forbes: ”What Your Investment Portfolio Is Likely Lacking” by Richard Eisenberg.

September 8, 2014: Keep in Touch with RFS on Twitter

Our publisher tweets news from RFS and the Society for Financial Studies. To see more, follow @OxfordJournals and @OUPEconomics on Twitter.

Forthcoming in the RFS

Aggregate Investment and Investor Sentiment

by Salman Arif, Charles M. C. Lee
Using bottom-up information from corporate financial statements, we examine the relation between aggregate investment, future equity returns, and investor sentiment. Consistent with the business cycle literature, corporate investments peak during periods of positive sentiment, yet these periods are followed by lower equity returns. This pattern exists in most developed countries and survives controls for discount rates, equity flows, valuation multiples, operating accruals, and other investor sentiment measures. Higher aggregate investments also precede greater earnings disappointments, lower short-window earnings announcement returns, and lower macroeconomic growth. We conclude aggregate corporate investment is an alternative, and possibly sharper, measure of market-wide investor sentiment.