Society for Financial Studies


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.

November 1, 2014: Editor’s Choice: December

The Editor’s Choice article for December 2014 (issue 27/12) is “No News Is News: Do Markets Underreact to Nothing?” by Stefano Giglio and Kelly Shue. You can read the article free online here.

October 29, 2014: Recent Keynote Speech by RFS Associate Editor

RFS Associate Editor Thierry Foucault was recently a keynote speaker at the 13th International Conference on Credit Risk Evaluation.

October 28, 2014: AQR Insight Award Call for Papers

AQR Capital Management, LLC is accepting submissions for its fourth annual AQR Insight Award, which recognizes and rewards important, unpublished academic papers that best address challenges facing institutional investors. Up to three papers will share a $100,000 prize. Deadline for entries is January 15, 2015. Learn more at 2015 AQR Insight Award Call for Papers or at AQR Insight Award.

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.

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.