Society for Financial Studies

News

December 17, 2014: Editor’s 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.

December 16, 2014: 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.

December 9, 2014: 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.

December 5, 2014: 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.

December 1, 2014: Cavalcade 2015 Submission Deadline Approaching

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.

November 24, 2014: 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.”

November 12, 2014: RFS Authors Featured on OUP Blog

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 blog post here and read the paper here.

November 11, 2014: Laura Starks in The National Law Review

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.”

November 10, 2014: Submission Period is Now Open for Cavalcade 2015

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.

November 7, 2014: 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.

Forthcoming in the RFS

No News Is News: Do Markets Underreact to Nothing?*

by Stefano Giglio, Kelly Shue
As illustrated in the tale of “the dog that did not bark,” the absence of news and the passage of time often contain information. We test whether markets fully incorporate this information using the empirical context of mergers. During the year after merger announcement, the passage of time is informative about the probability that the merger will ultimately complete. We show that the variation in hazard rates of completion after announcement strongly predicts returns. This pattern is consistent with a behavioral model of underreaction to the passage of time and cannot be explained by changes in risk or frictions.