News
March 6, 2014: Executive Editor Change for RFS
The Executive Editor of the RFS, Prof. David Hirshleifer, is completing his term on June 30. We wish him all the best in his future endeavors.
We are delighted to announce that Prof. Andrew Karolyi will be the new Executive Editor of the RFS beginning July 1. Prof. Karolyi joined the RFS editorial team in August 2010, and is the Alumni Professor in Asset Management and Professor of Finance at Cornell University, as well as the Faculty Director of the Emerging Markets Institute at Cornell. Please join us in welcoming Dr. Karolyi to his new role.
February 6, 2014: RFS Post-Doctoral Position
The RFS post-doctoral position is available for the next academic year. The position will begin July 1. Job responsibilities include recommending referees and ensuring all formatting guidelines are met prior to processing submissions. If you are interested in the position or know somebody who is, please have them contact Jaclyn Einstein for additional details. Deadline to apply is May 31, 2014.
February 6, 2014: Register for the 2014 Cavalcade
Registration is now available on the Cavalcade site. Register by April 1 to pay the early registration fee of $100 for SFS members or $140 for nonmembers. Registration fees increase on April 2!
January 28, 2014: Special Issue: Entrepreneurial Finance and Innovation
Be sure to check out RFS Special Issue 27(1): Entrepreneurial Finance and Innovation with special issue editor Paolo Fulghieri. The special issue is free to read online!
January 23, 2014: Color Figure Charge
Effective January 1, 2014, the charge per figure for including a color figure in the The Review of Financial Studies has been dropped in half to $300!
January 13, 2014: RFS Paper by Chalmers and Reuter Wins TIAA-CREF Award
The RFS congratulates John Chalmers and Jonathan Reuter on winning the TIAA-CREF Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security for their paper, “How Do Retirees Value Life Annuities? Evidence from Public Employees,” which published in RFS. We’ve made the paper free online; to read the paper, click here. For more on the award, see here.
For Papers Currently Under Review
Forthcoming in the RFS
The Growth and Limits of Arbitrage: Evidence from Short Interest
by Samuel G. Hanson, Adi SunderamWe develop a novel methodology to infer the amount of capital allocated to quantitative equity arbitrage strategies. Using this methodology, which exploits time-variation in the cross-section of short interest, we document that the amount of capital devoted to value and momentum strategies has grown significantly since the late 1980s. We provide evidence that this increase in capital has resulted in lower strategy returns. However, consistent with theories of limited arbitrage, we show that strategy-level capital flows are influenced by past strategy returns and strategy return volatility and that arbitrage capital is most limited during times when strategies perform best. This suggests that the growth of arbitrage capital may not completely eliminate returns to these strategies.