Society for Financial Studies

News

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.

September 5, 2014: Have You Seen Our New Blog?

If you haven’t read the latest Executive Editor blog post yet, there’s still time. View the post, “Finance’s Other Bosses,” at RFS Executive Editor Blog.

September 4, 2014: Cavalcade Bid Deadline for Approaching

The bid deadline for the 2016 Cavalcade is October 1, 2014. For details on how to bid, please visit 2016 Cavalcade.

Forthcoming in the RFS

Debtholder Responses to Shareholder Activism: Evidence from Hedge Fund Interventions

by Jayanthi Sunder, Shyam V. Sunder, Wan Wongsunwai
We investigate the effect of shareholder activism on debtholders by examining a sample of bank loans for firms targeted by activist hedge funds. We compare loan spreads before and after intervention and show the effects of heterogeneous shareholder actions. Spreads increase when shareholder activism relies on the market for corporate control or financial restructuring. In contrast, spreads decrease when activists address managerial entrenchment. Furthermore, the effects are more pronounced when pre-existing governance mechanisms are weak. Our findings suggest that shareholder activism does not necessarily exacerbate bondholder-shareholder conflicts of interest and highlight the role of activism in aligning investors.